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TOPICS
Tax
Tax Court lacks jurisdiction because notice of deficiency was invalid
The court held that the notice was not sent
to the taxpayer’s last known address.
Fact sheet addresses taxability of crowdfunding distributions
The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.
Potential effects of Loper Bright and Corner Post on tax practitioners
An AICPA tax leader explains the potential ramifications of two recent Supreme Court decisions on tax regulation. Listen to the podcast episode or read the Q&A.
Employers now have interim guidance on student loans and retirement plans
The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.
AICPA joins coalition to fight intensifying tax scams, schemes
The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.
Businesses with dubious ERC claims have another chance with the IRS
The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.
IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
FinCEN uses TV ad to tell businesses about BOI
The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.
BOI requirements roll along despite concerns about too little outreach
FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.
Third Circuit rules taxpayer’s claim is not moot
The IRS’s setoffs of tax prepayments were invalid, the appellate court holds, remanding the case to the Tax Court.
Line items
HSA inflation-adjusted maximum contribution amounts for 2025 announced … Foreign trust transactions and large gifts addressed in proposed regs. … Final regs. issued for new, previously owned clean vehicle credits … Practitioner service improvements part of IRS strategic operating plan … Automatic accounting method changes list updated by IRS
D.C. Circuit reverses Tax Court on assessment of foreign entity ownership reporting penalties
The penalties under Sec. 6038(b) are administratively assessable by the IRS despite not being so designated, the appellate court holds.
What not-for-profits need to know about UBIT
CPAs can help not-for-profits understand what revenue is subject to the unrelated business income tax (UBIT) and navigate the rules surrounding the tax.
IRS funding and a potential rise in malpractice claims
The Service’s beefed-up audit capabilities provided under the Inflation Reduction Act focus on large entities and high-income taxpayers, but others may also face more audit risk, also exposing CPA tax preparers to malpractice claims.
5 new warning signs of a bad claim for pandemic-era ERC
The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.
Funding spurs IRS improvements, but challenges remain, commissioner says
IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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