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AICPA supports extending mailbox rule to electronic filing and payments
The AICPA sent a letter to two U.S. senators supporting a proposed bill they sponsored that would amend Sec. 7502(c) to treat tax payments and documents as timely if submitted electronically on or before the applicable deadline.
IRS backlog lessens; agency plans to resume collection notices
The Service had processed all paper and electronic individual returns it had received before January 2023, it announced; meanwhile, some collection notices the IRS paused as a pandemic relief measure beginning in 2022 would soon resume, an IRS official said in May.
Proposed regs. provide rules for repatriation of intangible property
The proposed regulations would terminate the application of Sec. 367(d) with respect to certain intangible property repatriated to certain U.S. persons after previously being transferred to a foreign corporation.
IRS returns to in-person public hearings; telephone still an option
After COVID-19 was declared no longer a national emergency earlier this year, the IRS announced it was revoking its 2020 restriction of public hearings to telephone access only. Announcement 2023-16 also prescribes procedures for individuals to notify the IRS they plan to attend a public hearing.
Werfel: IRS will audit individuals under $400K at 2018 rates
In a Senate Finance Committee hearing, IRS Commissioner Danny Werfel told senators the Service will use audit rates from 2018 to determine what percentage of individual taxpayers to audit who report less than $400,000 in annual income.
