The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
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TOPICS / TAX
IRS practice & procedure
What’s the 411? Explaining Schedules K-2 and K-3
Tax experts discuss the intricacies of the revised draft versions of the Schedule K-2 and K-3 forms, including who needs to file them and when, in this podcast episode with transcript.
IRS to accept 2022 tax returns starting Jan. 23
The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.
Taxpayer advocate Q&A: IRS backlogs, service calls, new leadership
National Taxpayer Advocate Erin Collins talks about the “balancing act” of her role, assesses the IRS backlog, and offers advice for practitioners and taxpayers in this podcast episode with transcript.
National taxpayer advocate: IRS in better shape now than a year ago
Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.
Unemployment compensation exclusion corrections led to 12 million refunds
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
TIGTA: 14,000 taxpayers improperly subject to private collection agencies
A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.
Business standard mileage rate increases for 2023
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
Line Items
Growing tax gap shows need for better service, compliance, IRS says … IRS initiates pilot program to thwart line-jumping on PPS calls … Plan approval program expands to Sec. 403(b) retirement plans … Practitioner Perspectives series to continue within IRS Appeals
Taxpayer’s charitable deduction for artwork donation denied
An art dealer and collector lacked reasonable cause for failing to properly document a sculpture’s value, the Tax Court holds.
IRS delays Form 1099-K $600 reporting threshold
The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.
2023 brings lots of new to the IRS while keeping one problem: backlogs
The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.
The AICPA’s tax policy and advocacy work: 2022 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Final regs. issued on centralized partnership audit regime
Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.
Prop. regs. identify syndicated conservation easements as listed transactions
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
Line items
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
Improperly forgiven PPP loans must be included in income
An IRS Chief Counsel memo states that income exclusion does not extend to Paycheck Protection Program loan forgiveness for which the recipient is ineligible, such as by misrepresentation or omission.
Clean energy project prevailing wage rate and apprenticeship requirements issued
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
AICPA recommends changes to IRS draft revisions for Schedule UTP
The AICPA said the current draft of Schedule UTP places a “significant burden” on both taxpayers and practitioners.
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