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CPAs rev up for a new tax season

While 2022 returns are relatively unaffected by recent
tax law changes, a few new issues will require preparers’ attention.

IRS delays Form 1099-K $600 reporting threshold

The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.

Final regs. issued on centralized partnership audit regime

Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.

Line items

Final regulations adopt ‘family-friendly’ health care affordability test … IRS raises per diem standard rates for business travel … AICPA again critiques new IRS requirements for R&D credits … R&D credit claim transition period extended

SPONSORED REPORT

Preparing clients for new provisions next tax season

As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.