IRS Offers Limited Micro-Captive Insurance Transaction Settlement
The IRS has announced in IR 2019-157 (9/16/2019) that it is mailing a time-limited settlement offer to certain taxpayers under …
Checkpoint’s Experts Estimate 2020 Tax Brackets, Standard Deductions, and Other Key Tax Items
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Business Expense Deductions Disallowed for Horseless Horse Activity
The Tax Court has determined that the IRS properly disallowed business expense deductions an individual taxpayer claimed for her horse …
IRS: Relief Available for Certain Former Citizens
IRS has announced new procedures under which persons who have relinquished, or who intend to relinquish, their U.S. citizenship, who …
District Court Upholds IRS Levy
A federal district court rejected a married couple’s attempt to stop the IRS from levying the proceeds of the sale …
Photocopy of return not subject to frivolous return penalty
Kestin, (2019) 153 TC No. 2 The Tax Court has held that the IRS could not assess frivolous return penalties …
Overpayment and underpayment rates remain the same for fourth quarter, 2019
Rev Rul 2019-21, 2019-38 IRB; IR 2019-146, 8/28/2019 IRS has announced that the interest rates for tax overpayments and underpayments for …
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 …
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 …
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 …