Tax news and information - Journal of Accountancy

TOPICS

February 6, 2023

Change allows more vehicles to qualify for the new clean vehicle tax credit

Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.

February 3, 2023

Wait times for practitioner phone line reduced, IRS official says

Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”

February 1, 2023

Line Items

Prop. regs. identify syndicated conservation easements as listed transactions … Final regs. issued on centralized partnership audit regime … Domestic filing exception requirements modified in draft Scheds. K-2, K-3 … Clean energy project prevailing wage rate and apprenticeship requirements issued

February 1, 2023

Blast from the past: Tax planning with the repair regs.

Elections made as long as nine years ago may need updating.

February 1, 2023

Accounting firm’s distributed clients are intangible assets

But related income allocations did not have substantial economic effect because the partnership did not properly maintain capital accounts, the Tax Court held.

February 1, 2023

Debt arrangement did not give rise to an interest in partnership equity

The Tax Court respects a property developer’s interest deductions despite the lender’s entitlement to a share of net profits.

January 25, 2023

New online portal available for businesses to file Forms 1099

Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.

January 24, 2023

Taxpayers reminded about digital asset question and income reporting

The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.

January 23, 2023

FinCEN provides time estimates for compiling beneficial ownership details

FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.

January 20, 2023

What’s the 411? Explaining Schedules K-2 and K-3

Tax experts discuss the intricacies of the revised draft versions of the Schedule K-2 and K-3 forms, including who needs to file them and when, in this podcast episode with transcript.

January 19, 2023

Auto depreciation limitations make a big leap for second year in a row

The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

January 12, 2023

IRS to accept 2022 tax returns starting Jan. 23

The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.

January 12, 2023

Taxpayer advocate Q&A: IRS backlogs, service calls, new leadership

National Taxpayer Advocate Erin Collins talks about the “balancing act” of her role, assesses the IRS backlog, and offers advice for practitioners and taxpayers in this podcast episode with transcript.

January 12, 2023

FinCEN proposes rules about access to beneficial ownership information

Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.

January 12, 2023

National taxpayer advocate: IRS in better shape now than a year ago

Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.

January 9, 2023

Unemployment compensation exclusion corrections led to 12 million refunds

Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.

January 5, 2023

TIGTA: 14,000 taxpayers improperly subject to private collection agencies

A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.

January 4, 2023

Key tax and retirement provisions in the Secure 2.0 Act

The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.

January 3, 2023

Business standard mileage rate increases for 2023

The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.

January 1, 2023

Line Items

Growing tax gap shows need for better service, compliance, IRS says … IRS initiates pilot program to thwart line-jumping on PPS calls … Plan approval program expands to Sec. 403(b) retirement plans … Practitioner Perspectives series to continue within IRS Appeals