Tax news and information - Journal of Accountancy

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August 4, 2022

National taxpayer advocate appeals IRS response on scanning tech

National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.

August 4, 2022

Regulations streamline partnership basis elections

Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.

August 1, 2022

2022 tax software survey: Shares of respondents and product and company information

Bonus: The percentages for all products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2022 tax software survey.

August 1, 2022

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Tax update: S elections, PTE, and Sec. 1202 (podcast) … Senate Finance airs post-Wayfair sales tax burdens … Midyear IRS mileage rate increase follows precedent, recent pleas … Senators request details on IRS info return destruction … IRS voice bots help set up payment plans

August 1, 2022

IRS agent’s receipt of a copy of an LLC’s return constitutes its filing, Ninth Circuit holds

If a delinquent return is submitted to and received by an authorized IRS official requesting it, the return need not be sent to an IRS service center to be considered filed, the appellate court stated.

August 1, 2022

Tax Court: IRS counsel may reject administrative innocent-spouse approval

In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.

August 1, 2022

2022 tax software survey

CPAs assess how their return preparation products performed.

July 29, 2022

CHIPS and Science Act with semiconductor tax credit passes Congress

The bill now goes to President Joe Biden, who has said he will sign it into law.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

July 28, 2022

Some balance-due notices on joint returns issued in error, IRS says

Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.

July 27, 2022

Senate passes CHIPS Act with semiconductor tax credit

The bill’s semiconductor production incentives would include a new 25% investment credit.

July 21, 2022

Breaking down the top issues facing CPA firms

Two CPA leaders analyze the critical issues identified by firms in a recent survey, including IRS service, succession planning, retention, and more.

July 20, 2022

IRS seeks transformation in new 5-year plan

The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.

July 15, 2022

Pandemic-paused IRS return preparer visits could resume by video

The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.

July 14, 2022

Congressional Democrats faced with ticking clock on reconciliation package

Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.

July 13, 2022

AICPA recommends additional IRS backlog measures

Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.

July 12, 2022

TIGTA: Delayed screening of IRS new hires risked taxpayer data

Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.

July 11, 2022

Estates can now request late portability election relief for 5 years

The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

July 5, 2022

Proposed regs. would define Sec. 1256 foreign currency contracts

The IRS’s definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.

July 1, 2022

Line items

IRS blames old tech in destruction of information returns … IRS audit rates decreased most for wealthy, GAO finds … Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says … Inflation boosts HSA amounts for 2023 … Helping build a better tax system (podcast)