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Final regs. expand company e-filing requirements
Effective for tax years after 2023, more business taxpayers face a reduced threshold of number of returns that subject them to mandatory e-filing, covering a wider range of types of returns.
AICPA recommends 12 digital asset FAQs for IRS to post online
The suggested frequently asked questions would define key terms relating to the query on the front of Form 1040, U.S. Individual Income Tax Return, and in its instructions, including “digital representation of value” and “characteristics of a digital asset,” and make other clarifications.
Taxpayers can now submit information online in response to 9 IRS notices
The IRS’s new secure electronic upload option is intended to help more than 500,000 taxpayers annually resolve their tax issues more quickly, without having to mail the information to the Service.
AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code
Its recommendations for standard definitions of key terms, simplifying and coordinating provisions, and technical fixes would make the Code fairer and more easily administered, the AICPA’s Tax Executive Committee said.
Taxpayers can exclude certain 2022 state payments from federal returns
Some state general welfare or disaster relief payments or refunds do not need to be reported on 2022 returns, the IRS advised, providing a listing of covered payments.