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Archive for June 10th, 2018

srusso

How do I…Protect against tax-related identity theft?

How do I…Protect against tax-related identity theft? The IRS expects to receive more than 150 million individual income tax returns this year and issue billions of dollars in refunds. That huge pool of refunds drives scam artists and criminals to steal taxpayer identities and claim fraudulent refunds. The IRS has many protections in place to […]

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Section 199A Passthrough Guidance Expected in July, Kautter Says

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 specifically, […]

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Focus Remains on Tax Reform

Focus Remains on Tax Reform Congressional lawmakers on Capitol Hill continue to focus on tax reform. Republicans and Democrats alike have been discussing the effects of tax reform, albeit reaching different conclusions. Tax Reform Hearings The Ways and Means Committee held a hearing during the week of May 14, marking the first in a series […]

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Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology The IRS’s “Achilles’ heel” is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing. System Shut Down 2.3 million cyber attacks […]

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Regs Clarified In Response to Suit Over ACA Emergency Services Rules

Regs Clarified In Response to Suit Over ACA Emergency Services Rules The Treasury Department and the IRS, along with the Department of Labor and the Department of Health and Human Services, issued a notice of clarification to more thoroughly explain their decision not to adopt recommendations made by the American College of Emergency Physicians (ACEP) […]

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IRS Outlines New Five-Year Strategic Plan

IRS Outlines New Five-Year Strategic Plan The IRS has issued a new five-year strategic plan to guide its programs and operations and to help meet the changing needs of taxpayers and members of the tax community. “Providing service to taxpayers is a vital part of the IRS mission and the new Strategic Plan lays out a […]

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LB&I Rolls Out Additional Issue-Based Compliance Campaigns

LB&I Rolls Out Additional Issue-Based Compliance Campaigns The IRS Large Business and International (LB&I) Division has identified and selected six additional compliance campaigns. The IRS previously announced 13 campaigns on January 31, 2017, followed by an additional 11 on November 3, 2017, and five more on March 13, 2018. These campaigns help LB&I move in […]

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tzanata

Life Insurance Transfer Transition Guidance Planned

Life Insurance Transfer Transition Guidance Planned The IRS intends to provide guidance on the new information reporting obligations for certain life insurance contract transactions under Code Sec. 6050Y. The proposed regulations will provide guidance on the modifications to the transfer for valuable consideration rules for life insurance contracts under Code Sec. 101(a). In addition, the IRS has […]

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