Posts Tagged IRS

Senate Panel Examines IRS Administration; Congress Works Toward Bipartisan IRS Reform

The IRS faces numerous challenges, most of which are attributable to funding cuts, the National Taxpayer Advocate Nina Olson told a Senate panel on July 26. “The IRS needs adequate funding to do its job effectively,” Olson told lawmakers. IRS Funding Olson, while testifying at a Senate…

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Final Regulations Provided for Substantiating and Reporting Charitable Contributions

The IRS has issued final regulations relating to the substantiation and reporting of charitable contribution deductions under Code Sec. 170 for income tax purposes. The final rules adopt proposed regulations issued in 2008, as well as other interim guidance, with only a few minor modifications. The regulations…

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Senate Approves IRS Funding Bill; Congress Departs for August Recess

The Senate has approved a fiscal year (FY) 2019 budget for the IRS. The Senate’s approved IRS budget provides less funding than a House-approved proposal. The Senate appropriations package, which includes the Financial Services and General Government appropriations bill (HR 6147), cleared the Senate by a 92-to-6…

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FAQs Provide Penalty and Filing Relief for Taxpayers Subject to Code Sec. 965 Transition Tax

Three new FAQs covering the Code Sec. 965 transition tax provide welcome penalty and filing relief for taxpayers who make the election to pay the tax in eight annual installments. The transition tax on accumulated foreign earnings is a tax imposed on the untaxed foreign earnings of…

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IRS Warns Taxpayers Against Impersonation Scams

The IRS has warned taxpayers to remain vigilant against phishing emails and telephone scams especially at a time when those who had recently filed returns could be waiting for a response from the Service. The IRS also urged taxpayers to be alert against year-round tax scams, which…

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Section 199A Passthrough Guidance Expected in July, Kautter Says

The IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said. Kautter outlined the timeline of various guidance proposals at the American Bar Association (ABA) Section of Taxation May Meeting in Washington, D.C. Proposed Guidance More…

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Neal Asks Treasury, IRS for Pass-through Deduction Guidance

House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin. and Acting IRS Commissioner David Kautter, for clarifying guidance on…

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IRS Outlines Guidance on Business Interest Deduction

The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be covered in future regulations. The deduction is generally limited to the taxpayer’s business interest income plus 30 percent…

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Tax Reform Guidance Will Take Years, IRS Chief Says

Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The…

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Ways and Means Approves Bipartisan IRS Reform Package

The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in committee by a voice vote and is reportedly expected to reach…

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