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Paradise postponed

Taxpayer’s organic oasis was not yet a going concern, the Tax Court holds.

Line items

What’s new for 2022 in federal taxes … National taxpayer advocate details 2021 as ‘most challenging
year’ ever … AICPA joins coalition seeking relief from IRS service challenges … Updated FAQs address 2021 child tax credit and advance payments … FAQs address calculation and reconciliation of recovery rebate credit … New R&D credit documentation requirements clarified

IRS diagnoses a defect in Mayo Clinic

The Eighth Circuit’s decision
was a partial win for the Service,
which nonetheless does not
acquiesce to the court’s holding
regarding the formal-instruction
requirement for tax-exempt
educational institutions.

IRS offers further K-2/K-3 relief

The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.

Revised voluntary disclosure form highlights cryptoassets

Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.

IRS identifies paused taxpayer notices

While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.

IRS backs away from facial recognition

The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.

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.