AICPA encouraged by IRS $80 billion strategic operating plan
In a statement, the AICPA said much of the IRS’s plan for spending its additional funding enacted by the Inflation Reduction Act, P.L. 117-169, aligns with the AICPA’s earlier requests but recommended further revisions.
Proposed regs. identify microcaptive reportable transactions
In response to CIC Services, LLC, No. 3:17-cv-110 (E.D. Tenn. 3/21/22), which invalidated Notice 2016-66, the IRS issued proposed regulations defining certain microcaptive transactions as listed transactions and others as transactions of interest.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023, P.L. 117-328), the IRS issued a notice that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
IRS unveils $80 billion spending plan
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by the Inflation Reduction Act, P.L. 117-169. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
No basis step-up for grantor trust assets if not in grantor’s estate
In a revenue ruling, the IRS confirmed that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust at the grantor’s death if the gross estate does not include the trust’s assets.
NFTs as collectibles: IRS issues guidance and seeks comments
Pending further guidance that it intends to issue on the treatment of nonfungible tokens (NFTs) as collectibles, the IRS said that it will use a lookthrough analysis for determining if an NFT is a collectible. Comments are requested through June 19.
