IRS issues draft 2019 Form 1040 and schedules
Here are some of the notable changes from 2018 that are reflected on the 2019 drafts: The filing status line …
Thomson Reuters Tax & Accounting News
IRS advises on interaction of corporate charitable deductions and NOLs
Code Sec. 170(a) allows a deduction for charitable contributions paid within the tax year. Code Sec. 170(b)(2)(A) limits a corporation’s current charitable contribution …
IRS releases draft of new simplified tax return for seniors: Form 1040-SR
Congress directed the IRS to create a new form, designated Form 1040-SR, for use by individuals age 65 and older …
Deadline to claim refund for veteran disability severance payments approaching
Code Sec. 104(a)(4) generally provides that gross income does not include amounts received as a pension, annuity, or similar allowance for personal …
Filing period for whistleblower award appeal to Tax Court not jurisdictional
Although the Tax Court properly determined that the individual’s petition was untimely, the filing period is not jurisdictional and is …
Tax Advocate issues report on earned income tax credit and “map” of tax system
Background. TAS is an independent organization within IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help …
IRS and Security Summit partners issue identity theft and tax security checklist
In 2015, IRS convened a Security Summit with chief executive officers and leaders of private sector firms and federal and …
Chief Counsel updates guidance on assessing interest and penalties on criminal restitution
Background. Under Code Sec. 6201(a)(4)(a), the IRS may assess and collect criminal restitution ordered pursuant to 18 USC 3556 for failure to pay any …
More disaster victims in Ohio qualify for tax relief
Certain other time-sensitive acts also are postponed. IRS has recently announced on its website that an additional county in Ohio …
President signs Taxpayer First Act, fixing effective date of various provisions
Taxpayer First Act On July 1, the President signed into law the Taxpayer First Act of 2019 (the Act) (P.L. …
Final regs set out rules for truncated taxpayer identification numbers
T.D. 9861; Reg. § 1.6052-2, Reg. § 31.6051-1, Reg. § 31.6051-2, Reg. § 31.6051-3, Reg. § 301.6109-4 IRS has issued final regs that amend existing …
Prop reliance regs explain excise tax on net investment income of colleges and universities
Preamble to Prop Reg REG-106877-18; Prop Reg §53.4968-1 IRS has issued proposed reliance regs for determining the 1.4% excise tax on …
President signs IRS reform bill, the Taxpayer First Act
On July 1, President Trump signed the IRS reform bill, the Taxpayer First Act. The Act changes the management and oversight …
Supreme Court limits rule that requires judges to defer to agencies
Kisor V. Wilkie, (S Ct 6/26/2019) The Supreme Court, via what in effect was a 5 to 4 vote, has …
Lack of prearranged plan didn’t save like-kind treatment for related party transaction
The Malulani Group, Limited, and Subsidiary, (CA 9 6/12/2019) 123 AFTR 2d ¶2019-776 The Court of Appeals for the Ninth Circuit …
CA 11: Payment to ex-husband under divorce agreement was deductible loss
Mihelick, (CA 11 6/18/2019) 123 AFTR 2d ¶2019-791 The Court of Appeals for the Eleventh Circuit has reversed a district court …
IRS designates two additional Puerto Rico tracts as qualified opportunity zones
Notice 2019-42, 2019-29 IRB In a Notice, IRS has designated two additional census tracts in Puerto Rico as qualified opportunity …
How tax professionals should report data breaches to the IRS
IRS Return Preparer Office email dated 6/24/2019 In an email from the Return Preparer Office, the IRS has provided tax …