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Final regulations adopt ‘family-friendly’ health care affordability test ... IRS raises per diem standard rates for business travel ... AICPA again critiques new IRS requirements for R&D credits ... R&D credit claim transition period extended
The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.
Learn about Roth IRAs as a potential investment for children, questions to ask and avoid in job interviews, and recent news from the IRS and SEC in this podcast episode with transcript.
Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
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.
EY’s Tony Nitti, CPA, shares a preview of general business update topics before his presentation at ENGAGE.
The Ninth Circuit overturned a Tax Court decision and disagreed with the precedent it was based on.
The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.
In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
A law change and some regulations take effect while an array of provisions expire.
SSA wage base increases for 2022 ... IRS Chief Counsel outlines R&D credit refund requirements ... 6-year limitation period applies to entire return
Pandemic-inspired method for examinations and appeals meetings is extended.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits
SPONSORED REPORT
Get Clients Ready for Tax SeasonThis 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.
