IRS Releases 2021 Inflation Adjustments for Energy Production Credit
The IRS has published, in the Federal Register, the inflation adjustment factors and reference prices for calendar year 2021 that …
IRS Delays Applicability of Proposed 382 Loss Limitation Rules, Provides Transition Reliefs
The IRS has issued new proposed regs that delay the applicability date of the September 2019 proposed Code Sec. 382 …
IRS updates lists of countries with nonresident alien interest reporting requirements
Rev Proc 2019-23, 2019-38 IRB In a Revenue Procedure, IRS has updated two lists of countries with which the U.S. …
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 …
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 …
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 …
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 …
Certain IRS payments subject to 6.2% sequestration reduction rate for fiscal year 2019
Certain payments made by IRS in fiscal year (FY) 2019—i.e., Oct. 1, 2018 through Sept. 30, 2019—will be subject to …