This is Current Federal Tax Developments for the week of July 25, 2016 - Fraud and Changing Procedures. Current Federal Tax Developments is brought to you by the state CPA societies and Nichols Patrick CPE, Incorporated.
This week we’ll look at the following:
- IRS restarts program to allow obtaining replacement IP PINs online-but many may not be able to use it
- Letters will be sent before the IRS contacts employers for federal tax deposit alerts
- Do you need to own oil and gas properties to claim the benefits of the rapid write off of geological and geophysical expenses?
- IRS creates safe harbors that apply to certain transactions attempting to meet the requirements for a tax free distribution under §355
- The word “excessive” does not include what might be considered “unfair” interest
- Taxpayer tries to block imposition of pre-notice interest on transferee liability
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