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.
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Tax
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.”
FinCEN estimates millions of hours will be spent seeking BOI access
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.
Final and proposed regs. issued on retirement plan RMDs
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.
How tax practitioners viewed filing season, plus ERC and BOI updates
An AICPA leader analyzes recent news related to employee retention credit claims and beneficial ownership information reporting requirements. She also explains why member sentiment about IRS performance during tax filing season is not in alignment with IRS data. Read the Q&A or listen to the podcast episode.
IRS collects $1 billion from high-income people who owed back taxes
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.
Proposed regs. address interest recapture on excess COVID-19 credits
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.
Tax pros: IRS improving, but getting the right answer takes too long
A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
Analyzing Moore: The ruling that upheld the Sec. 965 transition tax
Tony Nitti, CPA, reviews the Supreme Court opinion in Moore and details the potential repercussions. Listen to the episode or read the Q&A.
Final regs. issued for 1% excise tax on corporate stock repurchases
The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.
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