A CPA technology expert shares what the future holds for client advisory services, how training should be tailored, and what she learned about her grandfather’s CPA practice.
Tax
New, lower Form 1099-K threshold prompts cautions, criticisms
The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.
IRS to fast-track 10,000 hirings to address backlog
Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.
National taxpayer advocate to CPAs: Tell us where the challenges are
CPAs and other tax professionals can help the Taxpayer Advocate Service identify the most acute problems within the IRS.
Don’t try this at home
Gold coins kept in taxpayer’s residence caused taxable IRA distributions.
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.
How married couples can use trusts in estate planning
Married taxpayers have estate planning options others don’t.
AICPA again asks IRS to delay K-2/K-3 reporting
Comment letters from the AICPA and state CPA societies also offer further recommendations.
Proposed regulations update RMDs for SECURE Act changes
The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
IRS offers alternative to facial recognition
A short-term option involves a virtual interview with IRS personnel to authenticate taxpayers’ and practitioners’ identities for online services.
AICPA testifies to Congress on IRS service problems
In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.
Tax pros are subject of ‘spearphishing’ attacks
Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.
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 service issues: What a coalition of tax pros seeks to change
Relief for underpayment or late-payment penalties is one recommendation that would help to mitigate IRS service issues, according to an AICPA-led coalition. Hear or read more in this podcast episode with transcript.
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.
Tax pros share IRS service challenge stories, solutions
The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
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.
Features
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.