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Tax update: S elections, PTE, and Sec. 1202 (podcast) ... Senate Finance airs post-Wayfair sales tax burdens ... Midyear IRS mileage rate increase follows precedent, recent pleas ... Senators request details on IRS info return destruction ... IRS voice bots help set up payment plans

For these full stories, click the headline links.

Tax update: S elections, PTE, and Sec. 1202 (podcast)
Tony Nitti, CPA, a national tax partner with EY Private in Denver, explicates maintaining S elections, state passthrough entity tax elections, and exclusion of gain from certain small business stock in this preview of his general business tax update during AICPA & CIMA’s ENGAGE 22 conference.

Senate Finance airs post-Wayfair sales tax burdens
Small business owners tell senators how they have had to scramble to comply with varying rules across a welter of jurisdictions following the 2018 Supreme Court decision allowing state and local economic nexus sales tax laws applicable to remote sellers.

Midyear IRS mileage rate increase follows precedent, recent pleas
A four-cent boost by the IRS in the optional rate for computing deductible costs of operating an automobile for business purposes to 62.5 cents per mile effective July 1, 2022, comes in response to sharply higher fuel prices and is the third such midyear increase in 14 years.

Senators request details on IRS info return destruction
A letter from GOP members of the Senate Finance Committee requests specifics on the IRS’s decision in 2021 to destroy 30 million unprocessed information returns, which the IRS has said was forced by its antiquated technology.

IRS voice bots help set up payment plans
The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identities and arrange to pay tax liabilities.

Where to find December’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.