Tax news and information - Journal of Accountancy

TOPICS

April 1, 2022

Line items

IRS identifies paused taxpayer notices … Tax pros share IRS service challenge stories, solutions … IRS backs away from facial recognition … ‘Quick’ carryback tax refunds took nearly double the 90-day deadline

April 1, 2022

Losses from millionaire’s donkey breeding allowed

A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.

March 31, 2022

National taxpayer advocate directs IRS to implement scanning technology

Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.

March 30, 2022

‘SECURE 2.0’ would further expand retirement savings options

Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.

March 29, 2022

Billionaire minimum tax could pose difficulties

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

March 28, 2022

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

March 28, 2022

BBA partnership audits show high no-change rate, TIGTA says

The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.

March 25, 2022

Various exempt organization notices paused

Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.

March 25, 2022

IRS reproposes unified plan rule exception for multiple-employer plans

Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

March 23, 2022

TIGTA: IRS inefficiencies worsened backlog

An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.

March 22, 2022

Individual taxpayers must answer cryptoasset question, IRS notes

Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

March 17, 2022

Not-for-profit audits in a remote world, plus IRS news

Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.

March 17, 2022

Commissioner to Congress: IRS will clear backlog by year’s end

Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.

March 17, 2022

TIGTA: IRS beset by processing backlogs, hiring lags in 2021

A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.

March 16, 2022

Auto depreciation limits leap with inflation

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.

March 16, 2022

Grappling with Schedules K-2 and K-3

John Samtoy, CPA, discusses Schedules K-2 and K-3 for passthrough entities and U.S. persons who are partners in foreign partnerships, and how tax professionals can help clients with them.

March 15, 2022

IRS waives estimated-tax penalties for farmers and fishermen

The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.

March 15, 2022

Recruiting, flexible working, and tax season issues for small firms

An AICPA vice president explains some of the key practice management concerns of smaller CPA firms — talent, technology, and tax season — in this podcast episode with transcript.

March 11, 2022