Tax news and information - Journal of Accountancy

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February 17, 2023

IRS misses Friday deadline to turn over $80 billion spending plan

Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”

February 15, 2023

AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code

The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.

February 13, 2023

Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback

The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.

February 11, 2023

Taxpayers can exclude certain 2022 state payments from federal returns

Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.

February 9, 2023

IRS seeks information on 21 states regarding special payments, refunds

The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.

February 8, 2023

Proposed tip-tracking program aims to improve tip reporting compliance

The IRS proposes a new voluntary program for service industry employers to track tips in an attempt to improve tip reporting compliance.

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