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Professional Tax Software News & Advice

IRS Streamlines Innocent Spouse Relief

The Internal Revenue Service has issued new guidance and streamlined procedures for spouses who are seeking equitable relief from joint income tax liability. Revenue Procedure 2013-34 supersedes the earlier Revenue Procedure 2003-61. It provides the threshold requirements for any request for equitable relief and sets forth conditions under which the IRS will make streamlined relief determinations granting equitable relief from an understatement of income tax or an underpayment of income tax reported on a joint return, or the operation of community property law.


IRS Clarifies Accounting Rules For Gift Card Redemption

The Internal Revenue Service has issued a revenue procedure allowing a taxpayer to defer recognizing in gross income certain advance payments received from the sale of gift cards that are redeemable for goods or services by an unrelated entity. This revenue procedure modifies and clarifies Rev. Proc. 2011-18, 2011-5 I.R.B. 443, which modified and clarified Rev. Proc. 2004-34, 2004-1 C.B. 991. [More]