Final regulations affect owners of foreign stock
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
Tax
IRS issues procedures for employee status determinations
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
AICPA joins coalition seeking relief from IRS service challenges
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
FAQs address calculation and reconciliation of recovery rebate credit
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
National taxpayer advocate details 2021 as ‘most challenging year’ ever
Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
Updated FAQs address 2021 child tax credit and advance payments
FAQs on the Service’s website are updated for preparing 2021 returns.
Practitioners wary of IRS service lapses as tax season begins
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
New R&D credit documentation requirements clarified
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
What’s new for 2022 in federal taxes
A law change and some regulations take effect while an array of provisions expire.
Line items
SSA wage base increases for 2022 ... IRS Chief Counsel outlines R&D credit refund requirements ... 6-year limitation period applies to entire return
All LB&I taxpayers may videoconference with the IRS
Pandemic-inspired method for examinations and appeals meetings is extended.
How LLCs may obtain tax-exempt recognition
Notice does not affect the status of already recognized organizations.
Alimony deduction allowed for health care premiums purchased with pretax wages
The Tax Court denies IRS arguments of a ‘double deduction.’
Like-kind exchanges of real property
New limits are considered for Sec. 1031 transactions.
IRS addresses taxpayer reliance on FAQs
The new policy establishes a reasonable-cause defense and updates the procedure for issuing new FAQs.
Filing season quick guide — tax year 2021
Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Spotlight on tax season
While pandemic relief measures for individual taxpayers are no surprise, they require still-novel calculations and considerations, with a few new wrinkles in some familiar items.
Lenders should not report student loans discharged under ARPA
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
A PPP loan forgiveness update and one CPA’s 2021 reflection
Hear status updates on PPP loan forgiveness and other business relief programs and why one CPA says we should reflect on our resilience.
