Tax Alerts

IRS Updates Audit Technique Guides on Real Property Foreclosures and the Construction Industry

The IRS has updated its real property foreclosure and construction industry Audit Technique Guides. An Audit Technique Guide focuses on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, industry terminology, and other information.

Real Property Foreclosures
The IRS has updated its Audit Technique Guide that provides guidance on tax consequences (primarily to individuals) for real estate property that is disposed of through foreclosure, short sale, deed in lieu of foreclosure, and abandonments. A discussion is also devoted to cancellation of debt income exclusions that are most commonly applicable to these types of dispositions and community property considerations.

The Real Estate Property Foreclosure and Cancellation of Debt Audit Technique Guide is available on the IRS website at https://www.irs.gov/pub/irs-pdf/p5550.pdf.

Construction Industry
The IRS has updated its Audit Technique Guide that provides guidance for examiners conducting audits in the construction industry, and information for taxpayers and practitioners associated with the construction industry. The Construction Industry Audit Technique Guide is available on the IRS website under the Businesses, Small Business/Self Employed category, at https://www.irs.gov/pub/irs-pdf/p5522.pdf.

 

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

Read More
IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]

Read More
Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]

Read More
IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

IRS Issues Statement on CP-14 Notices

The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]

Read More
IRS Issues Statement on CP-14 Notices

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]

Read More
IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]

Read More
Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

IRS Announces New Sign-In Process for Form 990-N Filers

The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]

Read More
IRS Announces New Sign-In Process for Form 990-N Filers

FL - Taxpayer lacked standing to challenge department's former practice

The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]

Read More
FL - Taxpayer lacked standing to challenge department's former practice

IRS Announces More Options for Taxpayers to Correct and Amend Returns Electronically, IR-2022-130

The IRS has announced that more forms can now be amended electronically. This includes filing corrections to the Form 1040-NR, […]

Read More
IRS Announces More Options for Taxpayers to Correct and Amend Returns Electronically, IR-2022-130

IRS Issues Directions to Employees for Video Meetings with Taxpayers

The IRS has issued directions for its taxpayer facing employees to hold video meetings with taxpayers and their representatives. Going […]

Read More
IRS Issues Directions to Employees for Video Meetings with Taxpayers