Tax news and information - Journal of Accountancy

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June 16, 2023

IRS updates list of automatic accounting method changes

The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.

June 14, 2023

IRS addresses whether college NIL collectives further an exempt purpose

A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.

June 8, 2023

Penalty for underpayment of estimated corporate AMT waived for 2023

The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”

June 7, 2023

National taxpayer advocate: A paperless IRS is possible

NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.

June 6, 2023

IRS revises actuarial tables to account for most recent mortality data

The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.

June 1, 2023

A pandemic-era tax break that remains rife with abuse — the ERC

The IRS issues at least its seventh warning about the employee retention credit since October 2022.

June 1, 2023

Ninth Circuit reverses its earlier holding in Seaview Trading

Rehearing the case en banc, the court determines that an LLC’s faxed and subsequently mailed copy of its late return were not filings that started an adjustment limitation period.

June 1, 2023

Line items

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