Not all penalties/interest may be suspended for disaster victims IRS Chief Counsel has clarified that taxpayers affected by disasters, who had taxes due prior to the start of the postponement period granted for disaster relief, and who did not pay before that due d...
Tax Court finds lack of profit motive in auto racing business An automobile racing enthusiast lacked an actual profit motive in running his business, the Tax Court has recently held. The taxpayer genuinely enjoyed racing but his pattern of losses as well as &ldq...
Software engineer denied deductions for Executive MBA degree Expenses for an MBA degree may or may not be deductible depending upon a taxpayer’s current employment situation. Take two close cases with opposite results:In Creigh, TC Summary Opinion 2017-26...
IRS updates FAQs on passport certification In 2015, Congress added Code Sec. 7345 as part of the Fixing America’s Surface Transportation Act of 2015 (FAST Act). Upon receiving certification of seriously delinquent tax debt from...
CBO reports on top tax incentives/expenditures The Congressional Budget Office (CBO) issued a report in mid-March about current tax incentives. Tax expenditures, CBPO explained, reduce the amount of revenue that is collected for any given set of s...
IRS updates 401(k) hardship distributions exam materials The IRS Tax Exempt and Government Entities Division (TE/GE) has updated guidance used to determine whether a Code Sec. 401(k) plan hardship meets the safe-harbor standards set forth in applicable regu...
Employee consent requirements for employer refund claims released The IRS recently issued the employee consent requirements that an employer need to adhere to in order to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FIC...
New Offers in Compromise policy starts April 27 The IRS informed taxpayers and tax professionals of its updated policy with regards to the Offer in Compromise (OIC) application process. OIC applications received on or after March 27, 2017, will now...
Tax refund offsets may be used toward unpaid debts A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle u...
Tax returns lacking ACA coverage status will not be rejected The IRS has announced that it will continue to process individual returns that do not report the taxpayer’s health coverage status under the Affordable Care Act (ACA). The IRS will accept return...
IRS confirms automatic six-month extension for C corporations The IRS has confirmed that a new revision of the Instructions for Form 7004 correctly reflects that calendar year C corporations are eligible for an automatic six-month extension. Code Sec. 6081(a) pr...
CA - BOE discusses updated rules The California State Board of Equalization (BOE) notes two recent property tax rule amendments concerning corrections on the assessment roll and requests for certain extensions of time. The updates we...
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