The IRS Practice and Procedure group is confronting the latest scheme to target taxpayers. The IRS and its Security Summit partners warned Thursday that scammers have sent fake emails purportedly containing CP2000 notices, which are used in the IRS’s Automated Underreporter Program.
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With the exciting 2016 Summer Olympics not too far behind us, the thrill of victory for the American athletes may be diminishing slightly. What’s probably coming up for many of them though is the tiring topic of taxes.
Just how much of their wins will they have to turn over to Uncle Sam?
The IRS announced that effective Oct. 1, 2016, it will rarely conduct Appeals Conferences in person. More specifically, Internal Revenue Manual (IRM) 184.108.40.206, blandly entitled “Conference Practices,” provides that ALL conferences will be held by telephone except under certain specific enumerated circumstances.
The Internal Revenue Service (hereinafter “IRS”; or “the Service”) recently issued on September 14th of 2016 an Audit Techniques Guide (hereinafter “ATG”) governing Tangible Property Regulation Compliance (hereinafter “TPR Compliance”).
If you are an American living abroad, you may have taken advantage of the automatic 6-month tax filing extension by filing Form 4868 by the original due date of your return (April or June 15). If so, now is the time to get moving on your tax return filing. October 17th is just around the corner!
In Chief Counsel Advice 201637012, released September 9, the IRS has determined that whether a taxpayer qualifies for abatement of failure to timely file and pay penalties turns on whether the delinquencies were caused by her mental incapacity.
We previously posted “Is This the End of Discounting Transfer Taxes with LLC’s and FLPs?” where we discussed that the Internal Revenue Service issued a proposed regulation which would beef up IRC Section 2704 of 1986 to preclude many of the presently available discounting techniques. In addition, this proposed regulation would expand the purview of section 2704 to include not only partnerships and corporations but LLCs, S corporations, and other family “business” transfer entities.
If you’ve ever been picked up by an Uber driver or know someone who’s rented a room through Airbnb, then you are aware of the ‘sharing economy.’
In the past few years, the ‘sharing economy’ has become a targeted focal point for the IRS. Needless to say, they really want their “fair share” of this rapidly growing business segment.
On May 23, 2016, Internal Revenue Bulletin 2016-21 was released which proposes amendments to the regulations governing IRC 6038A.
The regulations are proposed to be applicable for taxable years ending on or after the date that is 12 months after the date these regulations are published as final regulations in the Federal Register.
According to Law360, a certified class of more than a million tax preparers ranging from accountants to attorneys urged a D.C. federal judge Wednesday to block the Internal Revenue Service from charging a fee for issuing a preparer tax identification number, arguing the fee is unlawful.
According to Brenda L. Hales, Senior Tax Analyst at the Internal Revenue Service, ITIN Policy Section-M/S 97-WI, the ITIN Acceptance Agent Program includes the following changes made in 2016 and are immediately effective:
So here I am just another 59-year-old tax attorney who is sure that technology has it out for him, sitting in my office trying to get a few more cases moving forward while I wait for the Labor Day weekend, and I’m trying to fax (267) 941-1115 (the OVDP preclearance number) a preclearance for yet another client who wants to enter the OVDP program.
Naturally, I’m waiting for my E-Fax confirmation that this request for preclearance has gone through to the IRS and today I received not 1 but 2 messages that my E-Fax, that I rely on for communicating with the IRS, was not able to deliver either of my faxed requests.