Proposed regulations provide guidance on foreign tax credit rules

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.

National taxpayer advocate has concerns about $400,000 audit promise

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.

Ask the Expert: The rise of contactless tax services

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.

Collection Due Process case favors IRS

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.

Line items

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

Where to find November’s flipbook issue

The Journal of Accountancy is now completely digital. 





Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.