Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
Tax
Videoconferencing with IRS now an option for all LB&I taxpayers
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Social Security wage base, COLA set for 2022
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
IRS launches ‘Tax Pro Account’ feature
Online submissions of POAs and client account authorizations are processed automatically.
Refund of minister’s self-employment taxes denied
The taxpayers did not properly claim an exemption, the court holds.
Basis reduction required in year of debt discharge
A taxpayer’s loss is disallowed based on the timing of a basis adjustment.
Line items
Form 1040 virtual currency query revised for 2021 ... Certain pre-TCJA cryptoasset trades are not like-kind ... IRS addresses ARPA pension aid rules
Year-end tax planning advice and a grammar quiz
Tax planning is a year-round activity. Here is some advice to consider before the year end. Also, get a preview of a grammar quiz on commonly confused word pairs.
Final regulations establish a user fee for estate tax closing letters
The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
Final regs. issued on qualified improvement property under FDII, GILTI
Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
Transcript Delivery System down for some Form 941 transcripts
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
Ways and Means releases list of tax provisions for budget bill
The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.
Tax software: What CPAs like and dislike
Tax season was difficult for several reasons. What did tax practitioners think of the software they used to prepare returns? Learn more in this podcast with transcript.
Guidance issued on 2021 qualified sick and family leave wage reporting
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
IRS updates business travel per-diem rates
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
2021 tax software survey: Shares of respondents and product and company information
Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2021 tax software survey.
2021 tax software survey
See how the brands compare in CPAs’ annual assessment of their tax preparation programs.
Former state senator held to be a disqualified person with respect to charity
Tax Court holds against a former Pennsylvania legislator despite his never having been the organization's officer or employee.
Tax Court OKs estate's marital deduction
A decedent's marriage is held valid based on the place-of-celebration rule.
