Current Federal Tax Developments

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July 25, 2016 - Fraud and Changing Procedures

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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2016-07-25 Fraud and Changing Procedures Edward K. Zollars, CPA

You can download a PDF with this week's articles below: