At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.
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TOPICS
Tax
End-of-year financial and tax considerations
With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future.
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ERC abuse brings renewed push for regulation of paid tax preparers … ‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say … IRS to set up new work unit to focus on complex passthrough entities … FinCEN posts guide to help small businesses with BOI reporting
The home mortgage interest deduction under the TCJA
How does the Tax Cuts and Jobs Act’s temporarily lower home acquisition indebtedness limit affect homeownership decisions?
Digital asset upgrade does not result in income realization
The protocol upgrade was not an accession to wealth, the Office of Chief Counsel advises.
IRS and Security Summit urge tax pros to protect clients and themselves
Perennial campaign focuses on security of taxpayer data, including in practitioners’ records and systems.
Citing rampant ‘scams,’ IRS imposes ERC moratorium
Earlier guidance clarifies that most supply chain disruptions do not result in eligibility for the employee retention credit.
Hear all about it: What’s in the December JofA
The JofA’s editor-in-chief highlights the news, features and advice that CPAs will find useful in the December issue of the magazine. Listen to the podcast or read the transcript.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
IRS surveys tax professionals to help it improve services
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
Lower Form 1099-K threshold delayed again
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.
Prop. regs. issued on conservation easement deduction disallowance
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
AICPA adopts revised tax standards
AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.
Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.
IRS announces annual inflation adjustments for tax year 2024
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.
FinCEN will allow use of identifier in beneficial ownership reporting
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
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Moratorium imposed on new ERC claim processing to curb abuse … Guidance issued on applicability and calculation of new corporate AMT … Long-awaited guidance provided for amortization of R&E expenditures … IRS vows new enforcement efforts aided by AI … Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
US Supreme Court will hear repatriation tax challenge
Taxpayers are appealing a Ninth Circuit holding that the tax does not violate the US Constitution’s Apportionment Clause or the Fifth Amendment’s Due Process Clause.
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Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
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