The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
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TOPICS / TAX
IRS practice & procedure
Taxpayers can now submit information online in response to 9 IRS notices
The change could help over 500,000 filers annually who receive these notices, including those who receive credits such as the child tax credit, the IRS said.
IRS misses Friday deadline to turn over $80 billion spending plan
Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”
AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code
The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.
Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback
The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.
IRS seeks information on 21 states regarding special payments, refunds
The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.
Proposed tip-tracking program aims to improve tip reporting compliance
The IRS proposes a new voluntary program for service industry employers to track tips in an attempt to improve tip reporting compliance.
Change allows more vehicles to qualify for the new clean vehicle tax credit
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
Wait times for practitioner phone line reduced, IRS official says
Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”
New online portal available for businesses to file Forms 1099
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
Taxpayers reminded about digital asset question and income reporting
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.
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.
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