National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.
Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.
If a delinquent return is submitted to and received by an authorized IRS official requesting it, the return need not be sent to an IRS service center to be considered filed, the appellate court stated.
CPAs assess how their return preparation products performed.
Bonus: The percentages for all products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2022 tax software survey.
In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.
Tax update: S elections, PTE, and Sec. 1202 (podcast) ... Senate Finance airs post-Wayfair sales tax burdens ... Midyear IRS mileage rate increase follows precedent, recent pleas ... Senators request details on IRS info return destruction ... IRS voice bots help set up payment plans
The bill now goes to President Joe Biden, who has said he will sign it into law.
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.
The bill’s semiconductor production incentives would include a new 25% investment credit.
Two CPA leaders analyze the critical issues identified by firms in a recent survey, including IRS service, succession planning, retention, and more.
The IRS's fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.
The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.
Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.
The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.
The IRS's definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.
A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.