The 2017 IRS Dirty Dozen

Thursday, February 23, 2017

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Tax scams

In this time of great upheaval in our nation’s history, find peace in the things that remain constant—one of them being that someone will always try to use taxes to steal money. The IRS again this year offers its annual list of Dirty Dozen tax scams, a variety of common schemes that peak during filing season. Here they are, in reverse order.

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Distribution by former S corporation is part dividend

May 10, 2019

In Rev. Rul. 2019-13, the IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution. The company involved was originally a C c…

IRS changes maximum-vehicle-value rule

May 09, 2019

The IRS intends to revise its regulations to make them consistent with the recent statutory changes to the automobile price inflation adjustment in Sec. 280F(d)(7), which affect the vehicle value that applies when valuing employees’ personal use of employer-provided vehicles (Notice 20…