1. TAX

Corporation income taxation

IMAGE BY GEORGE PETERS/GETTY IMAGES

Amortizing R&E expenditures under the TCJA

The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.

New process provided for anonymous reporting of ERC mills

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.

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

Roth IRAs vs. 529 plans, job candidate questions, and an IRS extension

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.

R&D credit claim transition period extended

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.

AICPA again critiques new IRS requirements for R&D credits

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.

Senate deal paves way to reconciliation bill with tax provisions

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.

Tax update: S elections, PTE, and Sec. 1202

EY’s Tony Nitti, CPA, shares a preview of general business update topics before his presentation at ENGAGE.

Supervisory penalty approval must only precede assessment, not first formal notice

The Ninth Circuit overturned a Tax Court decision and disagreed with the precedent it was based on.

Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.

More Schedule K-2 and K-3 FAQs posted

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.

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

IRS waives estimated-tax penalties for farmers and fishermen

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.

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.

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

All LB&I taxpayers may videoconference with the IRS

Pandemic-inspired method for examinations and appeals meetings is extended.

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

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

Line items

Private tax debt collection contracts awarded … New per diem travel rates … Regs. authorize collection of excess sick and family leave credits

IRS official: New R&D credit documentation applies to amended returns

The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Next 20
Previous 20