Under Internal Revenue Code (IRC) section 7216 and its concomitant regulations, a tax preparer must obtain the consent of a taxpayer before disclosing or using…
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), enacting changes to the IRS's organizational structure, customer service,…
IRS Form 3520, Penalties, and Whether to Make a Protective Filing
Information Reporting on Foreign Trusts and Gifts
Whether a taxpayer is required to file IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, is…
In 1927, the Commissioner of Internal Revenue established a Special Advisory Committee that was intended to serve as a forum to facilitate settlement of cases…
Our Greatest Hits | Unlocking the Benefits of the Tax Benefit Rule
From The CPA Journal Archives
"Our Greatest Hits" is an effort to show our readers the most popular - and still avidly read - articles from our archives. This article…
On April 10, 2017, Governor Andrew Cuomo signed into law New York's 2017/2018 Budget Bill, which contains significant tax measures that CPAs need to be…
Is the Parsonage Allowance Constitutional?
The Courts Question Taxpayer Standing
In Brief In November 2013, the U.S. District Court for the Western District of Wisconsin ruled that the parsonage allowance of IRC section 107(2) was…
The ‘Reasonable Cause and Good Faith’ Defense to Penalties
Lessons from Hobby Loss Cases
The gold standard for a “reasonable cause and good faith” defense to a tax penalty is reliance on advice from a professional tax advisor who…