In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
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Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
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Final regulations adopt ‘family-friendly’ health care affordability test … IRS raises per diem standard rates for business travel … AICPA again critiques new IRS requirements for R&D credits … R&D credit claim transition period extended
Improperly forgiven PPP loans must be included in income
An IRS Chief Counsel memo states that income exclusion does not extend to Paycheck Protection Program loan forgiveness for which the recipient is ineligible, such as by misrepresentation or omission.
‘Family support’ payments not deductible as alimony
The divorce instrument included a child-related contingency, the Tax Court holds.
Proposed AICPA tax standards address new concerns
CPAs are encouraged to comment on the proposed standards.
Clean energy project prevailing wage rate and apprenticeship requirements issued
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
AICPA recommends changes to IRS draft revisions for Schedule UTP
The AICPA said the current draft of Schedule UTP places a “significant burden” on both taxpayers and practitioners.
TIGTA: Taxpayers would benefit if IRS used digital communications tools appropriately
An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.
Proposed regulations provide guidance on foreign tax credit rules
Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.
Congressional report criticizes contractor used by IRS during pandemic
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
For the IRS to-do list: Build trust with Congress, use clearer language with taxpayers
The IRS Advisory Council issued a report Wednesday that emphasized recurring themes such as the need for consistent and multiyear funding and the importance of effective communication with taxpayers.
One deadline approaches for over 9 million eligible for pandemic-era benefits
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
National taxpayer advocate: 2022 could be ‘Groundhog Day’ for IRS backlog
National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.
Tax conference takeaways: IRS service, corporate minimum tax, and more
Three CPAs who attended last week’s AICPA & CIMA National Tax Conference share items of note for tax practitioners from the event.
Plan approval program expands to Sec. 403(b) retirement plans
The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.
Practitioner Perspectives series to continue within IRS Appeals
The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.
IRS seeks comments on several green energy tax credits
The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.
IRS news, Roth conversion considerations, stopping elder financial abuse
Hear about one Inflation Reduction Act concern posed by a leading taxpayer advocate and catch up on recent JofA news and feature articles.
National taxpayer advocate has concerns about $400,000 audit promise
National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.
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