Tax news and information - Journal of Accountancy

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January 12, 2023

IRS to accept 2022 tax returns starting Jan. 23

The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.

January 12, 2023

Taxpayer advocate Q&A: IRS backlogs, service calls, new leadership

National Taxpayer Advocate Erin Collins talks about the “balancing act” of her role, assesses the IRS backlog, and offers advice for practitioners and taxpayers in this podcast episode with transcript.

January 12, 2023

FinCEN proposes rules about access to beneficial ownership information

Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.

January 12, 2023

National taxpayer advocate: IRS in better shape now than a year ago

Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.

January 9, 2023

Unemployment compensation exclusion corrections led to 12 million refunds

Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.

January 5, 2023

TIGTA: 14,000 taxpayers improperly subject to private collection agencies

A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.

January 4, 2023

Key tax and retirement provisions in the Secure 2.0 Act

The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.

January 3, 2023

Business standard mileage rate increases for 2023

The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.

January 1, 2023

Line Items

Growing tax gap shows need for better service, compliance, IRS says … IRS initiates pilot program to thwart line-jumping on PPS calls … Plan approval program expands to Sec. 403(b) retirement plans … Practitioner Perspectives series to continue within IRS Appeals

January 1, 2023

The research credit: Payroll tax offset

Qualified small businesses without a federal income tax liability can offset their payroll tax and see near-term tax savings.

January 1, 2023

Taxpayer’s charitable deduction for artwork donation denied

An art dealer and collector lacked reasonable cause for failing to properly document a sculpture’s value, the Tax Court holds.

January 1, 2023

The rise of the cash balance pension plan

Become familiar with this hybrid type of pension plan and its advantages for the right businesses.

January 1, 2023

CPAs rev up for a new tax season

While 2022 returns are relatively unaffected by recent
tax law changes, a few new issues will require preparers’ attention.

December 23, 2022

IRS delays Form 1099-K $600 reporting threshold

The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.

December 21, 2022

Prop. regs. to provide withholding relief on sales of foreign PTPs

The IRS announced that it will issue proposed regulations providing some relief to brokers that are required to withhold on the transfer of an interest in a publicly traded partnership (PTP) if the PTP is a foreign-traded entity.

December 21, 2022

2023 brings lots of new to the IRS while keeping one problem: backlogs

The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.

December 15, 2022

The AICPA’s tax policy and advocacy work: 2022 highlights

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

December 15, 2022

Automatic extension provided for furnishing health coverage statements

Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.

December 14, 2022

Not exciting? 4 ways to motivate and engage tax students

Demonstrate the value of tax courses with these tips from experienced faculty.

December 12, 2022

Final regs. issued on centralized partnership audit regime

Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.

FROM THIS MONTH'S ISSUE

Clean data faster using Excel’s REGEX functions

Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.