IRS Updates Adequate Disclosure Rules for Reducing or Avoiding Certain Penalties
IRS has updated its adequate disclosure procedure. The procedure identifies when disclosure of an item or position is adequate for …
IRS Releases Final REGS Implementing the Base-Erosion and Anti-Abuse Tax
IRS has released final regs implementing the base-erosion and anti-abuse tax (BEAT) and providing reporting requirements related to the BEAT. …
Draft Instructions Issued for form 8978, Partner’s Audit Liability Under Section 6226
The IRS has issued draft instructions for Form 8978, Partner’s Audit Liability Under Section 6226 and Schedule A (Form 8978), …
Partners’ Agreements to Extend Assessment Period Applied to Partnership Items
The Court of Appeals for the District of Columbia Circuit has affirmed a Tax Court holding that tax matters partners’ …
LB&I Campaign Targets Sec. 965 Transition Tax
The IRS Large Business and International (LB&I) division has announced that it will target compliance with the Code Sec. 965 …
Error in Return did not Constitute Election out of Installment Method
In a Private Letter Ruling, IRS determined that errors in an S corporation’s return did not constitute an election by …
Draft Instructions for 2019 form 1065 and Schedule K-1 Released
The IRS has released draft instructions for the 2019 Form 1065 (U.S. Return of Partnership Income). The draft instructions also …
IRS Directs Auditors Regarding Proper Year for Claiming Work Opportunity Credit
IRS’s Large Business & International Division (LB&I) and its Small Business/Self-Employed Division (SB/SE) have instructed their auditors to allow employers …
Treasury Department Publishes List of Boycott Countries
The U.S. Treasury Department has published a current list of countries that may require participation in, or cooperation with, an …
IRS Finalizes 199A Rental Real Estate Safe Harbor
In a Revenue Procedure and accompanying News Release (Rev Proc 2019-38, 2019-42 IRB; IR 2019-158, 9/24/2019), IRS has finalized a …