Monthly Archives: March 2017

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IRS enforcement activities dropped in 2016

The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.
Source: Tax News
Read More here – IRS enforcement activities dropped in 2016


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How small businesses can apply the research credit to payroll taxes

Eligible small businesses can apply a portion of their research and development credit against their payroll tax liability, starting with 2016 tax years, under a new provision enacted in 2015.
Source: Tax News
Read More here – How small businesses can apply the research credit to payroll taxes


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Rules proposed for accounting method changes to reflect FASB revenue recognition standards

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
Source: Tax News
Read More here – Rules proposed for accounting method changes to reflect FASB revenue recognition standards


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IRS issues 2017 car and truck depreciation limits

The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
Source: Tax News
Read More here – IRS issues 2017 car and truck depreciation limits


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Amazon wins multimillion dollar transfer-pricing dispute with IRS

The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.
Source: Tax News
Read More here – Amazon wins multimillion dollar transfer-pricing dispute with IRS


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Disbarred tax preparer not subject to IRS jurisdiction

The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.
Source: Tax News
Read More here – Disbarred tax preparer not subject to IRS jurisdiction


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SB/SE Fast Track Settlement program made permanent

The IRS has formally established the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS), formerly a pilot program, and modified the rules for the program.
Source: Tax News
Read More here – SB/SE Fast Track Settlement program made permanent


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No tax fraud for issuing Form 1099, Seventh Circuit holds

An insurance broker who issued a Form 1099 to a payee who never cashed the check for the payment reported on the 1099 did not commit tax fraud, the Seventh Circuit held, reversing a decision by an Illinois federal district court.
Source: Tax News
Read More here – No tax fraud for issuing Form 1099, Seventh Circuit holds


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Taxpayers affected by winter storm get more time to file business return extensions

The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.
Source: Tax News
Read More here – Taxpayers affected by winter storm get more time to file business return extensions