For these full stories plus the latest tax news, visit JournalofAccountancy.com and The Tax Adviser online.
What’s new for 2022 in federal taxes
Amortization of research and experimental expenditures takes effect, as do final regulations on carried interests and the excise tax on compensation above $1 million to employees of exempt organizations. A host of provisions expire.
National taxpayer advocate details 2021 as ‘most challenging year’ ever
In her Annual Report to Congress and legislative recommendations, National Taxpayer Advocate Erin M. Collins identifies the most serious taxpayer problems, notably including IRS delays in processing returns and answering taxpayer correspondence.
AICPA joins coalition seeking relief from IRS service challenges
Citing IRS backlogs, a broad and diverse representation of tax professionals and other stakeholders requests relief from tax penalties and automated compliance
actions.
Updated FAQs address 2021 child tax credit and advance payments
Reconciling advance child tax credit payments to the full-year credit on 2021 returns is among topics tackled in a 21-page IRS fact sheet.
FAQs address calculation and reconciliation of recovery rebate credit
The credit on 2021 returns takes into account the third economic impact payment that taxpayers received during the year.
New R&D credit documentation requirements clarified
The IRS posts frequently asked questions about threshold information that must be included with a refund claim on an amended return stemming from a Sec. 41 credit.
