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Penalty for underpayment of estimated corporate AMT waived for 2023
The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
National taxpayer advocate: A paperless IRS is possible
National Taxpayer Advocate Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means that anything taxpayers file on paper would be scanned.
IRS revises actuarial tables to account for most recent mortality data
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2020 Census.
Update on states moving ahead with PTETs
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issued at least its seventh warning about the employee retention credit since October 2022.
