New Draft Form Instructions Released for Simplified QBI Computation
The IRS has released draft instructions to the draft Form 8995, Qualified Business Income Deduction Simplified Computation. The Tax Cuts …
IRS Releases New FAQs on Qualified Opportunity Funds
The IRS has released more frequently asked questions (FAQs) regarding the tax deferral and capital gain exclusion possibilities of investing …
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 …
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 …
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 …
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 …
IRS issues guidance on making and revoking bonus depreciation elections
Rev Proc 2019-33, 2019-34 IRB; IR 2019-135 The IRS has issued guidance allowing a taxpayer to make or revoke certain bonus …
IRS allows additional partnerships to amend K-1s
Rev Proc 2019-32, 2019-33 IRB In a revenue procedure, IRS has granted partnerships that are subject to the centralized partnership …
IRS whistleblower notifications under Taxpayer First Act
Background. IRS has the authority to reward individuals (whistleblowers) who provide it with information leading to the collection of tax, interest …