With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.
Tax
Guide released for tax pros’ information security plan
A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.
Key tax provisions in the Senate reconciliation bill
The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.
National taxpayer advocate appeals IRS response on scanning tech
National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.
Regulations streamline partnership basis elections
Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.
2022 tax software survey: Shares of respondents and product and company information
Bonus: The percentages for all products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2022 tax software survey.
Line items
Tax update: S elections, PTE, and Sec. 1202 (podcast) … Senate Finance airs post-Wayfair sales tax burdens … Midyear IRS mileage rate increase follows precedent, recent pleas … Senators request details on IRS info return destruction … IRS voice bots help set up payment plans
IRS agent’s receipt of a copy of an LLC’s return constitutes its filing, Ninth Circuit holds
If a delinquent return is submitted to and received by an authorized IRS official requesting it, the return need not be sent to an IRS service center to be considered filed, the appellate court stated.
Tax Court: IRS counsel may reject administrative innocent-spouse approval
In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.
2022 tax software survey
CPAs assess how their return preparation products performed.
CHIPS and Science Act with semiconductor tax credit passes Congress
The bill now goes to President Joe Biden, who has said he will sign it into law.
Senate deal paves way to reconciliation bill with tax provisions
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
Some balance-due notices on joint returns issued in error, IRS says
Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.
Senate passes CHIPS Act with semiconductor tax credit
The bill’s semiconductor production incentives would include a new 25% investment credit.
Breaking down the top issues facing CPA firms
Two CPA leaders analyze the critical issues identified by firms in a recent survey, including IRS service, succession planning, retention, and more.
IRS seeks transformation in new 5-year plan
The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.
Pandemic-paused IRS return preparer visits could resume by video
The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
Congressional Democrats faced with ticking clock on reconciliation package
Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.
AICPA recommends additional IRS backlog measures
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.
TIGTA: Delayed screening of IRS new hires risked taxpayer data
Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.
Features
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.
