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Procedure—IRS Extends Penalty Relief for Partnerships and REMICs:

Posted by on January 9th, 2018

In Notice 2017-47, the IRS granted penalty relief for partnerships that failed to file their tax returns or extension requests by the new March 15 deadline. Partnerships qualified for relief if they filed returns with the IRS and furnished copies to partners (as appropriate) by the date that would have been timely before amendment by […]

Income Tax—IRS Issues New Draft Casualties and Thefts Form for 2016:

Posted by on January 7th, 2018

Among other things, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (Disaster Act) provided relief to taxpayers who suffered a net disaster loss due to Hurricanes Harvey, Irma, or Maria. For example, the Disaster Act eliminated the 10% of AGI reduction and allowed taxpayers claiming the standard deduction to take advantage […]

Identity Theft—New Procedures for Small Business Identity Theft Protection:

Posted by on January 5th, 2018

In addition to individuals, businesses are increasingly becoming victims of identity theft. The IRS has acknowledged that fraudulent tax return filings for small businesses have sharply increased. These false returns affect corporate, partnership, estate, and trust filers. In a tax tip, the IRS describes new procedures to protect businesses from identity theft. These new procedures […]

Income Tax—IRS Provides Safe Harbors for Determining Casualty and Theft Losses:

Posted by on January 3rd, 2018

In a set of Revenue Procedures, the IRS has provided safe harbor methods that taxpayers may use in determining the amount of their casualty and theft losses for their homes and personal belongings. Rev. Proc. 2018-8 offers four safe harbor methods that apply to any qualifying casualty or theft loss, as well as three methods […]

IRS Provides Safe Harbors to Help Taxpayers Suffering Property Losses, Including Losses from Hurricanes

Posted by on December 28th, 2017

IR-2017-202, Dec. 13, 2017 WASHINGTON – As part of a wider effort to help victims of natural disasters, the Internal Revenue Service today issued guidance providing safe harbor methods that individuals may use in determining the amount of their casualty and theft losses for their homes and personal belongings, including losses from recent hurricanes. Revenue […]