In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.
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TOPICS / TAX
IRS practice & procedure
Tax pros are subject of ‘spearphishing’ attacks
Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.
IRS offers further K-2/K-3 relief
The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.
Revised voluntary disclosure form highlights cryptoassets
Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
IRS service issues: What a coalition of tax pros seeks to change
Relief for underpayment or late-payment penalties is one recommendation that would help to mitigate IRS service issues, according to an AICPA-led coalition. Hear or read more in this podcast episode with transcript.
IRS identifies paused taxpayer notices
While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.
Tax pros share IRS service challenge stories, solutions
The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
IRS backs away from facial recognition
The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.
AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals
The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.
Full disclosure: When tax transactions must be reported
A variety of ‘reportable transactions’ require transparency with the IRS.
‘Quick’ carryback tax refunds took nearly double the 90-day deadline
Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.
AICPA notes IRS announcement on notices, asks Service to do more
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
Taxpayers need relief now, AICPA and other organizations say
The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
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.
AICPA joins coalition seeking relief from IRS service challenges
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
Practitioners wary of IRS service lapses as tax season begins
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
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
IRS addresses taxpayer reliance on FAQs
The new policy establishes a
reasonable-cause defense and
updates the procedure for issuing
new FAQs.
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From The Tax Adviser
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Current developments in S corporations
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