People in Tax

Practice Points

Taxation

Get Ready for Form 8867 and Related Due Diligence

The “Paid Preparer’s Due Diligence Checklist” (otherwise known as Form 8867) and the related due diligence regulation have historically been associated with the Earned Income Tax Credit and only occasionally required. Each will have a much more prominent role in most return preparers’ practices beginning in the 2019 filing season. In fact, as a result of several recent legislative changes, return preparers will likely find that the regulation’s due diligence is required for almost every Form 1040 return impacted by dependents.

Taxation

Navigating IRS Collections and Presenting Special Circumstances

Receiving a notice from the IRS can be frightening. Tax liabilities arise from any number of issues. For many taxpayers, the IRS will assess the tax and begin collection efforts. Although there will always be some taxpayers who will go to great lengths to avoid paying taxes, many simply cannot pay because their assets or income are insufficient, they have high medical bills or unexpected expenses, or they have experienced increased child care costs, loss of a job, or a failed business venture.

Taxation

A Primer on Deducting Losses from Real Estate Activities for “the Rest of Us”

Your client has been reading the news about deducting real estate losses and comes to you wanting to know: why didn’t you tell me about all the deductions I could have been taking for my rental real estate losses? And can I pay a lower tax rate on my gains? You explain to your client that it is much harder to deduct real estate losses than the current news makes it seem. But your client, who owns several businesses, only one of which is real estate, wants to know—how do I start taking advantage of this deduction?

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In the Stacks

Young Lawyers Corner

Tax Bits

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About ABA Tax Times

ABA Tax Times (ISSN 2381-5868) (formerly the NewsQuarterly) reports on developments pertaining to taxation, Tax Section news and meeting updates, and other information of professional interest to Tax Section members and other readers. Questions regarding ABA Tax Times can be sent to: taxweb@americanbar.org.

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