Line items

For these full stories plus the latest tax news, click the linked headlines below.

The IRS extended to five years (from two) the period in which an estate can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a deceased spousal unused exclusion election.

Supreme Court to resolve FBAR penalty dispute

By agreeing to hear a Romanian-born taxpayer's appeal, the Supreme Court will address a circuit split over how to stack multiple nonwillful civil penalties for failure to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts.

AICPA recommends additional IRS backlog measures

Looking ahead to next filing season, the AICPA renewed its previous calls for taxpayer relief and prescribed administrative remedies to help the Service clear overages in its return and correspondence inventories.

TIGTA: Delayed screening of IRS new hires risked taxpayer data

Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment, the Treasury Inspector General for Tax Administration reported.

Pandemic-paused IRS return preparer visits could resume by video

The U.S. Government Accountability Office recommended that the IRS pilot the use of videoconferencing for its program singling out "high-risk" return preparers for direct compliance checks and education with respect to refundable tax credits and other client tax benefits.

Where to find February’s flipbook issue

The Journal of Accountancy is now completely digital. 





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.