AICPA Recommends Changes to Net Investment Income Tax
News:
The AICPA submitted comments to the IRS recommending many changes to the proposed regulations on the new net investment income tax.
Published on June 18, 2013
Oral Surgeon Cannot Deduct Expenses for Traveling Between Home and Job
News:
The Tax Court upheld IRS-assessed deficiencies caused by the disallowance of a number of travel expenses an oral surgeon deducted on his Schedule C and its imposition of a negligence penalty under Sec. 6662(a).
Published on June 14, 2013
Indoor Tanning Tax Final Regulations Issued
News:
The IRS issued final regulations on the 10% excise tax on amounts paid for indoor tanning services.
Published on June 13, 2013
TIGTA Criticizes the IRS on Conference Overspending
News:
TIGTA issued a report detailing the IRS’s wasteful spending on conferences.
Published on June 13, 2013
Taxpayer Can Contest Trust Fund Penalty Where Son Tossed Letter 1153 into Basement
News:
A taxpayer successfully challenged the IRS’s filing of a notice of federal tax lien against him for a trust fund recovery penalty on the basis that he did not have an opportunity to contest the liability on which the assessment underlying the lien was based.
Published on June 13, 2013
IRS Activates New PTIN System
News:
The IRS deployed a new preparer tax identification number (PTIN) registration system September 28 as a component of its initiative to register and regulate paid tax return preparers.
Published on June 13, 2013
Supreme Court Declines to Hear Historic Boardwalk Rehabilitation Credit Case
News:
The Supreme Court declined to hear an appeal of a decision denying historic rehabilitation credits for a state authority’s partnership with a company to redevelop the Atlantic City historic Boardwalk Hall.
Published on May 31, 2013
Switzerland Proposes Allowing Banks to Resolve U.S. Tax Evasion Cases
Article:
Switzerland would allow its banks to disclose data about account holders to the Justice Department under a bill that will be introduced in the Swiss parliament.
Published on May 29, 2013
Supreme Court Resolves Circuit Split on Creditability of U.K. Tax
News:
The U.S. Supreme Court held that the United Kingdom’s windfall profits tax imposed on newly privatized businesses was creditable against U.S. taxes under Sec. 901.
Published on May 23, 2013
Schedule M-3 Filing Requirement Reduced for Entities Below $50 Million in Assets
News:
The IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) Reconciliation, for certain corporations and partnerships.
Published on May 22, 2013
Oklahoma Tornado Victims Get Tax Filing and Payment Extensions
News:
The IRS announced relief from filing and payment deadlines for victims of Monday’s destructive tornadoes in Oklahoma.
Published on May 22, 2013
IRS Sends Letters to Taxpayers as It Tries to Close out Inventory of Form 3520 Processing Issues
News:
The IRS plans over the next few months to send out letters to taxpayers as it attempts to close out outstanding inquiries/correspondence involving Form 3520 prior processing issues.
Published on May 17, 2013
President Names New Acting IRS Commissioner
News:
President Barack Obama on Thursday named Daniel Werfel acting commissioner of the IRS.
Published on May 17, 2013
IRS Gives Details of Operations on Furlough Dates
News:
The IRS issued a news release detailing how shutting down on furlough dates will affect operations.
Published on May 16, 2013
Acting IRS Commissioner Out in Tea Party Scandal
Article:
President Barack Obama announced the departure of Acting IRS Commissioner Steven Miller as a result of the ongoing scandal surrounding the IRS’s controversial methods for determining which organizations applying for Sec. 501(c)(4) status warrant further review.
Published on May 16, 2013