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Weekly IRS Roundup February 24 – 28, 2020


By on Mar 2, 2020
Posted In IRS Guidance, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 24 – 28, 2020. February 24, 2020: The IRS released final instructions to Form 8978, Partner’s Additional Reporting Year Tax, to reflect changes to the audit procedures of partnerships under the 2015 BBA. Under...

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Weekly IRS Roundup February 17 – 21, 2020


By on Feb 24, 2020
Posted In IRS Appeals, IRS Guidance, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 17 – 21, 2020. February 18, 2020:  The IRS issued a revenue ruling providing various prescribed rates for federal income tax purposes for March 2020, including various applicable federal rates (AFRs) for purposes of...

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Weekly IRS Roundup February 10 – 14, 2020


By on Feb 18, 2020
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 10 – 14, 2020. February 10, 2020:  The IRS issued a revenue ruling providing guidance regarding how to determine the adjusted basis life of insurance contracts under IRC section 1011 and 1012 given the...

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Weekly IRS Roundup February 3 – 7, 2020


By on Feb 11, 2020
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 3 – 7, 2020. February 3, 2020:  The IRS and the Departments of Labor and Health and Human Services jointly announced frequently asked questions about the implementation of the Affordable Care Act. The agencies...

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Weekly IRS Roundup January 27 – 31, 2020


By on Feb 3, 2020
Posted In IRS Audits, IRS Guidance, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 27 – 31, 2020. January 27, 2020: The Joint Committee on Taxation released a report regarding an overview of selected provisions and options relating to funding and financing infrastructure investments. The report addresses the...

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Weekly IRS Roundup January 20 – 24, 2020


By on Jan 27, 2020
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 20 – 24, 2020. January 20, 2020: The IRS released new Instructions to IRS Form 1120-S, US Income Tax Return for an S Corporation. These changes conform to the new regulations, which changed the...

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Weekly IRS Roundup January 13 – 17, 2020


By on Jan 21, 2020
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 13 – 17, 2020. January 13, 2020:  The IRS published an information letter relating to the testamentary transfer to a trust of US Series EE savings bonds purchased by and issued to a decedent....

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Weekly IRS Roundup January 6 – January 10, 2020


By on Jan 13, 2020
Posted In IRS Guidance, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 6 – January 10, 2020. January 6, 2020: The IRS issued a News Release confirming that the 2019 tax filing season will be open for individual filers—and that the IRS will begin accepting and...

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Weekly IRS Roundup December 30, 2019 – January 3, 2020


By on Jan 6, 2020
Posted In IRS Audits, IRS Guidance, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 30, 2019 – January 3, 2020. December 30, 2019:  The IRS issued a news release announcing an agreement with Free File, Inc. that is designed to bring more clarity for taxpayers choosing to use...

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Weekly IRS Roundup December 23 – 27, 2019


By on Dec 30, 2019
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 23 – 27, 2019. December 20, 2019: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice further extending the time for certain FBAR filings, citing the 2016 notice of proposed...

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