The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
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Tax
IRS backlog lessens; agency plans to resume collection notices
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Black CPAs: IRS must end higher audit rates for Black taxpayers
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Proposed regs. provide rules for repatriation of intangible property
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
Mortgage interest deduction denied
Employer-provided housing was not on the business’s premises, the Tax Court finds.
Tax Court denies medical exception for early pension distribution
The taxpayer’s diabetes did not prevent him from engaging in substantial gainful activity, the court holds.
Digital documentation: Avoiding a business deduction disallowance
Common taxpayer lapses of substantiation can be remedied with a little awareness and versatile digital recordkeeping apps.
Contractor’s housing accommodation is taxable
Employer-provided housing was not on the business’s premises, the Tax Court finds.
Werfel: IRS will audit individuals under $400K at 2018 rates
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
IRS obsoletes 1958 revenue ruling on research and experimental costs
The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
AICPA encouraged by IRS $80 billion strategic operating plan
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Proposed regs. identify microcaptive reportable transactions
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Public can share ideas on IRS customer service this week
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
IRS unveils $80 billion spending plan
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros
On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.
No basis step-up for grantor trust assets if not in grantor’s estate
In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
An educational lesson on UBIT
On remand, a district court again finds Mayo Clinic is entitled to an $11.5 million refund of unrelated business income tax, based on its status as an educational institution.
Line items
Final regs. expand company e-filing requirements … AICPA recommends 12 digital asset FAQs for IRS to post online … Taxpayers can now submit information online in response to 9 IRS notices … AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code … Taxpayers can exclude certain 2022 state payments from federal returns
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