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Tags archive: IRS

Home /Tag: IRS
January/February 2023

Reassessing the Erroneous Refund Penalty

The IRS Flexes an Obscure Authority

By  Megan L. Brackney, JD, LLM (Tax)

March 2023 0

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…

Featured

IRS Tax Identity Theft and Fraud Resources

By  Susan B. Anders, PhD, CPA/CGMA

February 2021 0

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…

Featured

ICYMI | The IRS ‘Roboaudit’—An Abuse of Authority

By  Daniel Jacobs, JD and Michael Moore, PhD, CPA

December 2020 0

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…

Featured

The IRS ‘Roboaudit’—An Abuse of Authority

By  Daniel Jacobs, JD and Michael Moore, PhD, CPA

June 2020 0

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…

Featured

Current Overview of the IRS’s Whistleblower Program

By  Juliet L. Fink, JD

April 2020 0

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…

Featured

Streamlined Disclosure in U.S. v. Brian Nelson Booker

A Former CPA Sets a Dubious Precedent

By  Sharon L. McCarthy, JD

March 2020 0

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…

Featured

CPAJ News Briefs

IRS, FASB, AICPA News

By  Thomson Reuters Checkpoint

March 2020 0

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…

Featured

CPAJ News Briefs

IRS, FASB, IASB News

By  Thomson Reuters Checkpoint

March 2020 0

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,…

Featured

Reporting Foreign Retirement Plans on Required Information Returns

By  Usman Mohammad, JD

March 2020 0

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”…

Featured

Tax & Accounting Update

By  Thomson Reuters Checkpoint

February 2020 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

New IRS Cryptocurrency Enforcement Efforts and Opportunities to Become Compliant

By  Michael Sardar, JD

February 2020 0

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,…

Featured

Tax & Accounting Update

By  Thomson Reuters Checkpoint

December 2019 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

Tax & Accounting Update

By  Thomson Reuters Checkpoint

November 2019 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

IRS Tax Reform Resources

By  Susan B. Anders, PhD, CPA/CGMA

November 2019 0

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…

Featured

Understanding the Research and Development Credit

Recent Guidance from the IRS

By  Karen M. Cooley, MPA, CPA and Darlene Pulliam, PhD, CPA

October 2019 0

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…

Featured

The IRS Faces an Unprecedented 2019 Filing Season

By  Mark W. Everson, CPA

April 2019 0

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…

Featured

The IRS’s Updated Voluntary Disclosure Procedures for Offshore Accounts and Assets

By  Usman Mohammad, JD

January 2019 0

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…

Featured

Tax & Accounting Update

By  Thomson Reuters Checkpoint

January 2019 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

The IRS Whistleblower Regulations

A Hindrance to Tax Enforcement

By  Jay Nanavati, JD

December 2018 0

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…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

October 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

Passport Revocation and Denial for Seriously Delinquent Tax Debts

New IRS Procedures Signal More Stringent Enforcement

By  Megan L. Brackney, JD, LLM (Tax)

July 2018 0

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…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

July 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

Preparing for Audits of Submissions under the IRS’s Streamlined Filing Procedures

By  Cassandra Vogel

July 2018 0

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…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

June 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

News & Views

Estate Tax Resources

By  Susan B. Anders, PhD, CPA/CGMA

June 2018 0

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…

Featured

Reporting Virtual Currency Transactions to the IRS

Time May Be Running Out for Affected Taxpayers

By  Sharon L. McCarthy, JD

May 2018 0

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…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

May 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Columns

Written Supervisory Approval of IRS Penalties

When Must It Be Given, and Who May Give It?

By  Henry Stow Lovejoy, JD

May 2018 0

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…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

March 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Feature Articles

IRS Offers in Compromise

A Case Study

By  William A. Bottiglieri, JD, CPA

February 2018 0

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…

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  • The ABCs of Worker (Mis-)Classification March 2023
  • Regulators and Standard Setters: Updates and Panel Discussion March 2023
  • Adapting to Constant Change March 2023
  • CPAJ News Briefs: FASB, PCAOB, IASB March 2023
  • Critical Audit Matter Reporting March 2023












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