Tax news and information - Journal of Accountancy

TOPICS

September 1, 2022

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Estates can now request late portability election relief for 5 years … Supreme Court to resolve FBAR penalty dispute … AICPA recommends additional IRS backlog measures … TIGTA: Delayed screening of IRS new hires risked taxpayer data … Pandemic-paused IRS return preparer visits could resume by video

September 1, 2022

Damages limited in IRS’s willful violation of bankruptcy discharge

The IRS failed to take proper precautions to abate a couple’s discharged tax debt, a bankruptcy court holds, but it denies attorneys’ fees.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 29, 2022

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

August 29, 2022

A deeper dive into the Inflation Reduction Act’s tax provisions

Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.

August 25, 2022

AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements

Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.

August 24, 2022

IRS relieves penalties for 2019 and 2020

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

August 18, 2022

A closer look at tax items in the Inflation Reduction Act

A tax-focused CPA breaks down provisions of the Inflation Reduction Act, including the corporate minimum tax, the 1% excise tax on share buybacks, IRS enforcement funding, and more in this podcast episode with transcript.

August 17, 2022

Guidance on clean vehicle tax credit

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

August 17, 2022

Congress enacts tax and climate bill

With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.

August 10, 2022

Guide released for tax pros’ information security plan

A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.

August 8, 2022

Key tax provisions in the Senate reconciliation bill

The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.

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.

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