Advertisement
TOPICS / PROCEDURE

Building not a certified historic structure

The Tax Court denied deduction of a qualified conservation contribution of a faΓ§ade easement, noting the building lacked a required listing in the National Register of Historic Places.

LLC validly elected into BBA partnership examination regime

To make a valid election into the Bipartisan Budget Act’s audit procedures, the IRS could not require the taxpayer to establish, as opposed to represent, that it had sufficient assets to pay any imputed underpayment, the Tax Court held.

IRS increases corporate aircraft exams

These examinations may focus on qualification for bonus depreciation, substantiation of business use, and employee income imputation and deduction disallowance for personal use of aircraft.

The IRM and more: A valuable resource

By being thoroughly familiar with the Internal Revenue Manual, tax practitioners can better provide tax services and representation.

Considerations for IRS examinations of ERC claims

With an extended examination period for the employee retention credit and repeated IRS warnings of promoted schemes, practitioners and their clients should take care to document and support credit claims.

The QAR: Handle with care

A qualified amended return can allow taxpayers to avoid certain penalties, but only in closely circumscribed circumstances.

IRS audit rates decreased most for wealthy, GAO finds

In a study, the US Government Accountability Office finds that the Internal Revenue Service’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.