Proposed reliance regs on personal use of employer-provided vehicles
Preamble to Prop Reg REG-101378-19; Prop Reg §1.61-21 IRS has issued proposed regs, on which taxpayers may rely until the publication of …
Thomson Reuters Tax & Accounting News
Preparer penalties subject to full payment rule before district court has jurisdiction
Davis, (DC MD 8/14/2019) 124 AFTR 2d ¶2019-5143 A district court has found that Code Sec. 6694(b) preparer penalties are subject to the …
Draft of new partnership audit liability form and schedule released
Form 8978, Partner’s Audit Liability Under Section 6226 Form 8978, Schedule A, Partner’s Imputed Underpayment (Supplemental) The IRS has released …
CA 9 affirms Amazon’s victory over IRS in cost-sharing dispute
Amazon.com, Inc., (CA 9 8/16/2019) The Ninth Circuit Court of Appeals has affirmed the Tax Court’s determination that the definition …
IRS reminds individuals with expiring ITINs to renew them ASAP
Taxpayers with expiring ITINs should renew them now The IRS has issued a Tax Tip reminding individuals with expiring Individual …
Eligible taxpayers get automatic 2018 individual taxpayer estimated tax penalty relief
IR 2019-144, 8/14/2019 In an Information Release, IRS has announced that the relief that it announced earlier this year, with …
IRS updates third-party contact notice procedures to comply with Taxpayer First Act
Interim Guidance on Third-Party Contact Notification Procedures The IRS has issued a memorandum updating its third-party contact notification procedures to …
Proposed regs: cloud and digital content transactions classified
Preamble to Prop Reg REG-130700-14; Prop Reg 1.861-7; Prop Reg §1.861-18; Prop Reg §1.861-19 IRS has issued proposed regs regarding the classification of …
Specifications for substitute 2019 Forms W-2/W-3 updated
Rev Proc 2019-28, 2019-32 IRB 596 The IRS has updated the revenue procedure that provides the specifications for the private …
IRS posts second 2020 Form W-4 draft; says no future substantive changes
Draft 2020 Form W-4, Employee’s Withholding Certificate IRS has posted a second draft of 2020 Form W-4, Employee’s Withholding Certificate. …
Educational organization reg declared invalid
Mayo Clinic, (DC MN 8/6/2019) 124 AFTR 2d ¶2019-5122 A district court has held that Reg. § 1.170A-9(c)(1), defining “educational organization” for Code …
Employer Liable for Damages for Sending IRS False Information Return
A U.S. district court has ruled that an employer was liable for statutory damages under Code Sec. 7434 because he sent false …
EIC can be disallowed for two years even for partial denial in previous year
Chief Counsel Advice 201931008 In Chief Counsel Advice, the IRS has stated the earned income credit (EIC) can be disallowed …
IRS provides life insurance companies simplified accounting method change procedures
Rev Proc 2019-35, 2019-35 IRB The IRS has provided insurance companies with simplified procedures to obtain automatic consent to accounting …
Employer liable for damages for sending IRS false information return
Vanderbilt, (DC FL 7/24/2019) 124 AFTR 2d ¶ 2019-5084 An employer was liable for statutory damages under Code Sec. 7434 because he sent …
Thomson Reuters Opens Nominations for Luca Pacioli Accounting Awards
Thomson Reuters is now accepting nominations for the Luca Pacioli Accounting Awards, to be presented at the annual SYNERGY users’ …
Bankruptcy does not toll refund suit statute of limitations
Dixon, (DC IN 7/24/2019) 124 AFTR 2d ¶2019-5085 A district court has held that a taxpayer’s bankruptcy proceedings did not toll …
Tax Court upholds rejection of offer-in-compromise, denial of abatement request
Love, TC Memo 2019-92 The Tax Court has upheld the IRS’s decision to reject a taxpayer’s proposed offer-in-compromise and to decline …