Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
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TOPICS
Tax
Final regs. allow assessment of COVID-19 related tax credit refunds
The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.
IRS ends most unannounced revenue officer visits
IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.
Scams are surging in the summer, the IRS says
The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.
At the ripe old age of 21, he’s advising the IRS on change
Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.
IRS provides transition relief for change in beginning date for RMDs
A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.
Commissioner: We are progressing toward a user-friendly IRS
IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.
How the IRS can avoid tax deadline confusion in disaster areas
The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.
S corps. and Rev. Rul. 2008-18 F reorganizations
Tony Nitti, CPA, reviews and provides applicability examples of Rev. Rul. 2008-18 in this podcast episode with transcript.
Prop. regs. clarify tax treatment of certain health insurance payments
New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.
Study: Deterrence a major factor in bringing in more money from IRS audits
The paper by researchers at Harvard University, the University of Sydney, and Treasury finds that an additional $1 spent on marginal audits of top earners can get a return of $12 in revenue.
Estate’s claimed deductions recharacterized as gifts or bequests
Payments purportedly for care and companionship were not evidenced as bona fide consideration or compensation as claims against the estate, the Tax Court holds.
Taxpayer’s blog posts held admissible in innocent-spouse case
In a case of first impression, the Tax Court considered the evidence ‘newly discovered’ and ‘previously unavailable.’
Line items
AICPA supports extending mailbox rule to electronic filing and payments … IRS backlog lessens; agency plans to resume collection notices … Proposed regs. provide rules for repatriation of intangible property … IRS returns to in-person public hearings; telephone still an option … Werfel: IRS will audit individuals under $400K at 2018 rates
Mitigating risk of large FBAR and international tax claims
Claims relating to U.S. filing obligations for foreign activity, including the FBAR, are getting increasingly more severe.
Bad debt deduction denied
An LLC’s cash advances to a corporation in which the LLC’s owners held shares represented equity, not bona fide debt, the Tax Court held.
Stock repurchase excise tax reporting and payment delayed by IRS
The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.
Research finds algorithms, unscrupulous preparers behind audit bias
Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.
COVID-19 coverage without a deductible ends next year
A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.
Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”
Features
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Trust distributions in kind and the Sec. 643(e)(3) election
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Effects of the OBBBA on higher education
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