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June 1, 2023

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AICPA encouraged by IRS $80 billion strategic operating plan … Proposed regs. identify microcaptive reportable transactions … Safe-harbor language issued for amending conservation easement deeds … IRS unveils $80 billion spending plan … No basis step-up for grantor trust assets if not in grantor’s estate … NFTs as collectibles: IRS issues guidance and seeks comments

June 1, 2023

Opening doors to expand tax and accounting careers

At Intuit, Joe Lillie leads an organization of 10k+ seasonal and full-time tax and accounting professionals who interact live with consumers through virtual engagements, helping them to maximize their tax deductions and outcomes while using our TurboTax product. He also develops and leads strategies that fuel growth for Intuit’s live services offerings on an AI-driven technology platform, resulting in more seamless experiences that deliver impact and high consumer confidence.

June 1, 2023

Attorney’s racing activities fall short of the finish line

A taxpayer participated in auto races for personal enjoyment rather than to advertise his law practice, the Tax Court holds.

June 1, 2023

Qualified appraisal required for charitable contributions of cryptoassets

The exchange-reported value of digital assets does not substitute for the qualified appraisal required for a charitable contribution deduction; a reasonable-cause exception will not apply, the IRS Office of Chief Counsel advises.

May 24, 2023

AICPA backs bill to make it easier to file for tax extensions

The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.

May 23, 2023

Supreme Court upholds exception to notice requirement for third-party summonses

In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.

May 17, 2023

HSA amounts continue trend, increase again in 2024

The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.

May 16, 2023

IRS chief: Racial disparities in audits will be addressed within a year

In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.

May 16, 2023

Medicare’s tricky rules on HSAs after age 65

Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.

May 16, 2023

AICPA joins coalition to increase awareness of new BOI requirement

Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

May 12, 2023

AICPA supports extending mailbox rule to electronic filing and payments

The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.

May 11, 2023

IRS backlog lessens; agency plans to resume collection notices

The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.

May 8, 2023

Black CPAs: IRS must end higher audit rates for Black taxpayers

Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.

May 2, 2023

Proposed regs. provide rules for repatriation of intangible property

The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation

May 1, 2023

IRS returns to in-person public hearings; telephone still an option

With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.

May 1, 2023

Mortgage interest deduction denied

Employer-provided housing was not on the business’s premises, the Tax Court finds.

May 1, 2023

Tax Court denies medical exception for early pension distribution

The taxpayer’s diabetes did not prevent him from engaging in substantial gainful activity, the court holds.

May 1, 2023

Digital documentation: Avoiding a business deduction disallowance

Common taxpayer lapses of substantiation can be remedied with a little awareness and versatile digital recordkeeping apps.

May 1, 2023

Contractor’s housing accommodation is taxable

Employer-provided housing was not on the business’s premises, the Tax Court finds.

April 21, 2023

Werfel: IRS will audit individuals under $400K at 2018 rates

The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.

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