Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…
The Internal Revenue Service Criminal Investigation Division's Annual Report for 2020 (Pub 3583: https://www.irs.gov/pub/irs-pdf/p3583.pdf) emphasized coronavirus (COVID-19)-related tax fraud and cybercrimes, along with its more…
The IRS is increasingly relying on correspondence audits to audit small businesses. This report of a correspondence audit of the personal income tax returns of…
The IRS is increasingly relying on correspondence audits to audit small businesses. This report of a correspondence audit of the personal income tax returns of…
Section 7623 of the Internal Revenue Code (IRC) allows for the payment of financial awards to those who blow the whistle on individuals or corporations…
Streamlined Disclosure in U.S. v. Brian Nelson Booker
A Former CPA Sets a Dubious Precedent
Brian Nelson Booker has the dubious distinction of being the first person criminally charged by the Department of Justice (DOJ) with allegedly making false statements…
CPAJ News Briefs
IRS, FASB, AICPA News
IRS News IRS Issues Official Guidance on Filing and Payment Deadline Postponements In Notice 2020-18, the IRS has made official the earlier announcement by Treasury…
CPAJ News Briefs
IRS, FASB, IASB News
IRS News IRS Creates Coronavirus Website The IRS has created a new website, http://www.irs.gov/coronavirus, that it says is “focused on steps to help taxpayers, businesses,…
Foreign asset reporting—including the reporting of foreign retirement plans—is a high priority for the IRS, which in 2019 listed the “failure to report offshore funds”…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Cryptocurrency is here to stay. As of November 17, 2019, the top five cryptocurrencies by market capitalization had a combined value of approximately $196 billion,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax professionals will be pleased to discover that the IRS is slowly but surely adding Tax Cuts and Jobs Act of 2017 (TCJA) resources to…
Understanding the Research and Development Credit
Recent Guidance from the IRS
In Brief The federal research and development tax credit can be a boon to businesses, but as with any portion of the tax code, the…
When I served as Commissioner of Internal Revenue from 2003 through 2007, the two fears that kept me up at night were of a botched…
On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth the…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The IRS Whistleblower Regulations
A Hindrance to Tax Enforcement
In modernizing the tax whistleblower statute over the last 12 years, Congress has finally created a simple and enforceable entitlement to substantial compensation for tax…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Passport Revocation and Denial for Seriously Delinquent Tax Debts
New IRS Procedures Signal More Stringent Enforcement
In January 2018, the IRS published procedures to begin enforcement of Internal Revenue Code (IRC) section 7345, which requires the State Department to deny the…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The IRS's streamlined filing procedures for offshore assets were announced in 2012 for non-U.S. residents and extended to U.S. residents in 2014. The streamlined procedures…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
There was much speculation surrounding the fate of the federal estate tax leading up to the ultimate passage of the Tax Cuts and Job Act…
Reporting Virtual Currency Transactions to the IRS
Time May Be Running Out for Affected Taxpayers
IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Written Supervisory Approval of IRS Penalties
When Must It Be Given, and Who May Give It?
The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
IRS Offers in Compromise
A Case Study
In situations where a taxpayer has a greater tax liability than funds, there are several options available. The taxpayer can, of course, borrow the money…