Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.
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Tax
Ask the Expert: The rise of contactless tax services
John Sapp is the chief revenue officer at Drake Software, one of the largest professional tax software companies in the nation. As a certified public accountant since 1987, he has considerable experience in public and private accounting for the technology industry.
Checks written before death are includible in decedent’s estate
The Tax Court follows state law in determining whether delivered but unpaid checks were completed gifts.
Amortizing R&E expenditures under the TCJA
The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.
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A deeper dive into the Inflation Reduction Act’s tax provisions … A closer look at tax items in the Inflation Reduction Act (podcast) … Financial planning impacts of the Inflation Reduction Act … IRS relieves penalties for 2019 and 2020 … AICPA asks IRS to expand penalty relief … AICPA recommends changing cryptoasset question … Proposed revisions to the AICPA tax standards
Collection Due Process case favors IRS
The Tax Court upholds the IRS’s denial of a taxpayer’s requests for first-time abatement of penalties, an installment agreement, and withdrawal of NFTL filings.
Growing tax gap shows need for better service, compliance, IRS says
The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.
IRS hires 4,000 customer service reps, plans to hire 1,000 more
The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.
New process provided for anonymous reporting of ERC mills
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
IRS initiates pilot program to thwart line-jumping on PPS calls
The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Disaster area filing extensions apply to 2019, 2020 penalty relief
The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.
IRS annual inflation adjustments, negotiating a job offer, and a quiz
This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.
IRS announces annual inflation adjustments for tax year 2023
Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.
A closer look at proposed revisions to the AICPA tax standards
Three CPAs discuss the particulars of proposed revisions issued by the AICPA for the Statements on Standards for Tax Services.
AICPA seeks guidance on corporate alternative minimum tax
The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.
Understand the tax consequences of remote work
CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.
Roth IRAs vs. 529 plans, job candidate questions, and an IRS extension
Learn about Roth IRAs as a potential investment for children, questions to ask and avoid in job interviews, and recent news from the IRS and SEC in this podcast episode with transcript.
Social Security wage base, COLA set for 2023
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.
Final regulations adopt ‘family-friendly’ health care affordability test
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
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