IRS practice & procedure

TOPICS / TAX

December 15, 2023

Interim guidance provided for the corporate alternative minimum tax

The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

December 14, 2023

Podcast part 1: Melancon on news and trends affecting CPAs

The CEO of AICPA & CIMA discusses a potential IRS shutdown, why legislation will have an “extraterritorial effect” on reporting of ESG metrics, and why CPA licensure should be followed closely.

December 14, 2023

IRS reorganizes leadership structure with 1 deputy commissioner

Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.

December 6, 2023

ERC disallowance letters sent to 20K+ taxpayers

The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

December 1, 2023

Digital asset upgrade does not result in income realization

The protocol upgrade was not an accession to wealth, the Office of Chief Counsel advises.

December 1, 2023

IRS and Security Summit urge tax pros to protect clients and themselves

Perennial campaign focuses on security of taxpayer data, including in practitioners’ records and systems.

December 1, 2023

Citing rampant ‘scams,’ IRS imposes ERC moratorium

Earlier guidance clarifies that most supply chain disruptions do not result in eligibility for the employee retention credit.

November 27, 2023

IRS surveys tax professionals to help it improve services

The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

November 21, 2023

Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

November 17, 2023

Prop. regs. issued on conservation easement deduction disallowance

The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

November 15, 2023

Proposed crypto regs. define ‘broker’ too broadly, industry says

The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

November 14, 2023

Werfel: IRS must move quickly to show what a well-funded agency can do

While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

November 9, 2023

IRS announces annual inflation adjustments for tax year 2024

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

October 25, 2023

COVID-19 changes allowing e-signatures made permanent

A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.

October 20, 2023

IRS emphasizes strides as it presses to keep funding

Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.

October 19, 2023

No Plan B: A personal lesson about retirement readiness

A firm leader with a focus on financial planning shares a family story that shaped her thinking on the importance of retirement readiness, especially, but not exclusively, for women.

October 19, 2023

‘As if they were never filed’: IRS outlines steps to withdraw ERC claims

The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.

October 18, 2023

13 states will participate in IRS Direct File pilot

The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.

October 18, 2023

Projected tax gap jumps to $688 billion for tax year 2021

The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.