Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
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Tax
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.
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.
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.
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.
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.
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
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.
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.
The rise of the cash balance pension plan
Become familiar with this hybrid type of pension plan and its advantages for the right businesses.
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.
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.
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.
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.
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.
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.
Not exciting? 4 ways to motivate and engage tax students
Demonstrate the value of tax courses with these tips from experienced faculty.
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.
Prop. regs. identify syndicated conservation easements as listed transactions
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
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