AICPA supports extending mailbox rule to electronic filing and payments … IRS backlog lessens; agency plans to resume collection notices … Proposed regs. provide rules for repatriation of intangible property … IRS returns to in-person public hearings; telephone still an option … Werfel: IRS will audit individuals under $400K at 2018 rates
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TOPICS
Tax
Mitigating risk of large FBAR and international tax claims
Claims relating to U.S. filing obligations for foreign activity, including the FBAR, are getting increasingly more severe.
Bad debt deduction denied
An LLC’s cash advances to a corporation in which the LLC’s owners held shares represented equity, not bona fide debt, the Tax Court held.
Stock repurchase excise tax reporting and payment delayed by IRS
The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.
Research finds algorithms, unscrupulous preparers behind audit bias
Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.
COVID-19 coverage without a deductible ends next year
A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.
Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”
IRS updates list of automatic accounting method changes
The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.
IRS addresses whether college NIL collectives further an exempt purpose
A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.
Penalty for underpayment of estimated corporate AMT waived for 2023
The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
National taxpayer advocate: A paperless IRS is possible
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
IRS revises actuarial tables to account for most recent mortality data
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.
A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Ninth Circuit reverses its earlier holding in Seaview Trading
Rehearing the case en banc, the court determines that an LLC’s faxed and subsequently mailed copy of its late return were not filings that started an adjustment limitation period.
Line items
AICPA encouraged by IRS $80 billion strategic operating plan … Proposed regs. identify microcaptive reportable transactions … Safe-harbor language issued for amending conservation easement deeds … IRS unveils $80 billion spending plan … No basis step-up for grantor trust assets if not in grantor’s estate … NFTs as collectibles: IRS issues guidance and seeks comments
Opening doors to expand tax and accounting careers
At Intuit, Joe Lillie leads an organization of 10k+ seasonal and full-time tax and accounting professionals who interact live with consumers through virtual engagements, helping them to maximize their tax deductions and outcomes while using our TurboTax product. He also develops and leads strategies that fuel growth for Intuit’s live services offerings on an AI-driven technology platform, resulting in more seamless experiences that deliver impact and high consumer confidence.
Attorney’s racing activities fall short of the finish line
A taxpayer participated in auto races for personal enjoyment rather than to advertise his law practice, the Tax Court holds.
Qualified appraisal required for charitable contributions of cryptoassets
The exchange-reported value of digital assets does not substitute for the qualified appraisal required for a charitable contribution deduction; a reasonable-cause exception will not apply, the IRS Office of Chief Counsel advises.
AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Supreme Court upholds exception to notice requirement for third-party summonses
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
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