IRS Archives

Annual Report Indicates Overall Aggressive IRS Trend in Whistleblower Program

On January 6, 2020, the Internal Revenue Service (IRS) released its Fiscal Year 2019 Whistleblower Report.[1] Although the report shows a decline in awards made as compared to last year, potential whistleblowers should note that the report clearly portrays an overall trend that the IRS is increasingly motivated in today's mandatory tax whistleblower program. An important takeaway for potential whistleblowers is the report's emphasis that the number one reason for IRS rejection of whistleblower submissions was due to submissions lacking in specificity-51% of total closures were due to allegations that were not specific, not credible, or speculative. In other words, whistleblowers should understand that their best chance of success is a skillfully drafted submission with specifics which are presented in the clearest way possible.

New Gig Economy Tax Center on IRS Website

The "Gig Economy"-independent workers paid for a task or project (i.e., a "gig")- isn't new, but it has grown exponentially over the last decade, especially with the help of smartphone-based technology. Companies like Uber, Airbnb or TaskRabbit have made it very attractive and easy for independent workers to receive payment for performing a specific gig. However, many of the companies providing the services and the individuals performing them don't fully understand their tax obligations in the gig economy.

New Year, new tax dates? Important dates for 2020.

Celebrations have finished. The new year is here. Now it is time to get back to business. One important consideration when transitioning back to work after the holiday season: tax dates. Due dates will vary depending on the tax form in question. This piece will focus on two of the more common forms, the individual tax return and estimated tax payments for small businesses.

What's "Sufficient Postage" to Insure Your IRS Response is Timely Filed?

The Internal Revenue Service (IRS) typically requires documents and payments to be filed or made within specific timeframes. For instance, it is well-known that individuals' federal tax returns are generally due every April 15th. It is less commonly known that the Internal Revenue Code (IRC) and corresponding regulations, which provide the rules for determining when a document is considered as timely mailed or filed, are often the subject of significant controversy-and the stakes can be quite high.

IRS Criminal Division Commemorates 100th Anniversary and Highlights Intent to Increase Number of Convictions

On December 5, 2019, the Internal Revenue Service (IRS) released the IRS's Criminal Investigation division's (CI) 100th Annual Report.1 Besides highlighting significant CI successes and criminal enforcement actions during the fiscal year of 2019, the report unambiguously presents the IRS's intent to pursue higher conviction rates and focus on cryptocurrency and cybercrime. The report also marks the CI's 100th anniversary.

IRS Posts FAQs Regarding Rental Real Estate in Context of QBI Deduction

On November 20, 2019, the IRS posted a series of Frequently Asked Questions (FAQs) which includes much needed guidance regarding rental real estate in the context of the Qualified Business Income (QBI) deduction under Internal Revenue Code (IRC) §199A.1 A few of the particularly noteworthy FAQs include: (1) when rental real estate is treated as a trade or business; (2) when a rental real estate enterprise is eligible to rely upon the Revenue Procedure 2019-38 safe harbor; and (3) whether the income, gain, deduction and losses are from the rental QBI if the real estate is rented to a C corporation.

Will the new tax payment option lead to abuse?

The Internal Revenue Service (IRS) recently announced a new tax payment option for those who have fallen behind on their tax obligations. Although the agency states the option is meant to make it easier for taxpayers to pay their bill, tax professionals have voiced concerns it could lead to abuse.

IRS to include cryptocurrency checkbox on 1040s

The Internal Revenue Service (IRS) has struggled with the best way to manage cryptocurrency. Cryptocurrency, also known as virtual currency or digital assets and include example like Bitcoin, KlickEx, and Ethereum, are gaining in popularity. The government is trying to figure out the best way to include these assets in tax reporting. The most recent answer: a checkbox on Form 1040.

States loose court battle against SALT limit

The Tax Cuts and Jobs Act (TCJA) led to major changes to federal tax law. One example of the changes that impact taxpayers is the creation of a cap on the state and local tax (SALT) deduction taxpayers could claim on their federal tax returns. The limit, now set at $10,000, was a blow to wealthy tax payers in high tax states.

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