An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.
Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
The IRS Advisory Council issued a report Wednesday that emphasized recurring themes such as the need for consistent and multiyear funding and the importance of effective communication with taxpayers.
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.
Three CPAs who attended last week’s AICPA & CIMA National Tax Conference share items of note for tax practitioners from the event.
The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.
The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.
The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.
Hear about one Inflation Reduction Act concern posed by a leading taxpayer advocate and catch up on recent JofA news and feature articles.
National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.
Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.
John Sapp is the chief revenue officer at Drake Software, one of the largest professional tax software companies in the nation. As a certified public accountant since 1987, he has considerable experience in public and private accounting for the technology industry.
The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.
The Tax Court follows state law in determining whether delivered but unpaid checks were completed gifts.
The Tax Court upholds the IRS’s denial of a taxpayer’s requests for first-time abatement of penalties, an installment agreement, and withdrawal of NFTL filings.
A deeper dive into the Inflation Reduction Act’s tax provisions ... A closer look at tax items in the Inflation Reduction Act (podcast) ... Financial planning impacts of the Inflation Reduction Act ... IRS relieves penalties for 2019 and 2020 ... AICPA asks IRS to expand penalty relief ... AICPA recommends changing cryptoasset question ... Proposed revisions to the AICPA tax standards
The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.
The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.