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Spoiler Alert:  The IRS has ended its practice of automatically assessing penalties at the time of filing for late-filed Forms 3520, Part IV, which deal with reporting foreign gifts and bequests. And… By the end of the year the IRS will begin reviewing any reasonable cause statement which taxpayers attach to late-filed Forms 3520 and…

Protecting yourself and your clients from evolving tax scams Tax professionals need to be on the lookout for a variety of new and evolving schemes aimed at stealing sensitive taxpayer information. These schemes don’t just threaten your clients, they can damage your business as well. Thieves have upped their game by targeting tax professionals to…

A tax return preparer is a person who prepares a tax return, or a substantial portion of a tax return for payment. An individual who prepares a tax return for free is not considered a tax return preparer for these purposes. If you prepare tax returns in exchange for payment, you are subject to return…

The American Bar Association will highlight the importance of pro bono services with its annual National Celebration of Pro Bono during Pro Bono Week October 20-26. Derived from the Latin phrase pro bono publico, meaning “for the public good,” pro bono embodies the essence of selflessness and community service. The American Bar Association’s Standing Committee on Pro Bono and Public…

It is your responsibility as a tax professional to ensure you protect your client’s right to claim a tax refund. Tax professionals must be vigilant in tracking deadlines and advising their clients to take timely actions. Time for Filing a Claim for Refund The Refund Statute Expiration Date (RSED) is the end of the period…

Are you one of one of millions of business owners who are affected by the Corporate Transparency Act (CTA)? If so, you may be required to report Beneficial Ownership Information (BOI) to Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN has launched a nationwide public service campaign to bring this information to potentially impacted business owners.…

The Taxpayer Advocate Service (TAS) is pleased to announce that the UCLA Extension Tax Controversy Institute has selected National Taxpayer Advocate Erin M. Collins to receive the Bruce I. Hochman Award. The award recognizes Collins’ outstanding proficiency in the field of tax law and her contributions as a dynamic leader.   “I am honored to have…

Success Story: TAS advocates to remove tens of thousands in tax liability based on a typo At the heart of our organization’s mission lies a commitment to advocacy. Every year, we help thousands of individuals navigate the complex landscape of federal taxes with confidence and clarity. This story is just one of many examples of…

Sometimes taxpayers may need or want to make a change after they have already timely filed their tax return with the IRS. This is not an unusual occurrence and there are a variety of reasons that can give rise to this situation. Individual or business taxpayers may experience a change in circumstances, may receive relevant…

The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report finding that TAS’s local office telephone lines were not giving taxpayers the opportunity to speak with TAS representatives or leave messages. Fortunately, this problem was limited in scope because most calls are placed to our national toll-free number, and we immediately took corrective actions…