Public can share ideas on IRS customer service this week

Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.

IRS unveils $80 billion spending plan

The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.

Bank deposits analysis upheld

The Tax Court rejects a taxpayer’s claim that the IRS’s reconstruction of his income included nontaxable proceeds from a real estate sale.

Name, image, liability

Student-athletes may face unexpected tax liabilities from compensation for their name, image, or likeness now allowable under NCAA rules.

An educational lesson on UBIT

On remand, a district court again finds Mayo Clinic is entitled to an $11.5 million refund of unrelated business income tax, based on its status as an educational institution.

Line items

Final regs. expand company e-filing requirements ... AICPA recommends 12 digital asset FAQs for IRS to post online ... Taxpayers can now submit information online in response to 9 IRS notices ... AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code ... Taxpayers can exclude certain 2022 state payments from federal returns

Taxpayer services should get more of that $80 billion, advocate says

National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.

IRS clarifies required minimum distribution reporting

New guidance on required minimum distributions reporting provides relief for financial institutions that due to a change to the RMD start date rules made by the SECURE 2.0 Act, may have incorrectly provided RMD statements to IRA owners who turn 72 in 2023.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 





Leases standard: Tackling implementation — and beyond

The new accounting standard provides greater transparency but requires wide-ranging data gathering. Learn more by downloading this comprehensive report.