Tax news and information - Journal of Accountancy

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February 15, 2022

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.

February 10, 2022

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.

February 10, 2022

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.

February 9, 2022

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.

February 7, 2022

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.

February 4, 2022

AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals

The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.

February 1, 2022

Carried interest reporting FAQs posted

Guidance includes sample worksheets and instructions for applicable passthrough entities and taxpayers.

February 1, 2022

Tax treatment of COVID-19 homeowner relief payments clarified

Payments are excluded from gross income; a safe harbor is provided for itemized deductions.

February 1, 2022

Line items

Inflation adjustments for 2022 … IRS makes 2022 inflation adjustments for retirement accounts

February 1, 2022

Infrastructure Act’s tax provisions

Early end of ERC, cryptoasset reporting are among act’s changes.

February 1, 2022

Full disclosure: When tax transactions must be reported

A variety of ‘reportable transactions’ require transparency with the IRS.

February 1, 2022

Second Circuit: SALT cap is not unconstitutional

The $10,000 maximum deduction for state and local taxes is upheld by the Second Circuit.

January 31, 2022

List of automatic tax method changes updated

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

January 31, 2022

‘Quick’ carryback tax refunds took nearly double the 90-day deadline

Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.

January 28, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

January 27, 2022

AICPA notes IRS announcement on notices, asks Service to do more

The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

January 27, 2022

Sales tax: Nearly 4 years after Wayfair, what’s on the horizon

An interview with a tax expert explores how a Supreme Court ruling created a new playing field for business and how practitioners can advise clients on related issues.

January 26, 2022

How nonfilers can claim 2021 tax credits

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

January 25, 2022

Taxpayers need relief now, AICPA and other organizations say

The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.

January 24, 2022

Final regulations affect owners of foreign stock

Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.