Tax news and information - Journal of Accountancy

TOPICS

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)

July 1, 2022

Ask the expert: The value of tax advisory services

Catherine Tindall is the founder of Dominion Enterprise Services. She specializes in advanced tax reduction and works with customers to help them save money on taxes while advancing their wealth-building and life goals. She is enthusiastic about helping clients reduce their overall tax burden through proactive strategies and advising.

July 1, 2022

Late filing of petition does not bar Tax Court jurisdiction

The U.S. Supreme Court held that the Sec. 6330(d)(1) 30-day time limit to file a petition with the Tax Court after a Collection Due Process hearing determination is not a jurisdictional requirement. The Tax Court’s jurisdiction is conditioned on the petition’s filing and not its timeliness.

July 1, 2022

Tax debt from late return is held discharged

A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.

June 28, 2022

IRS sets procedure for Superfund list changes

The IRS also has posted general Superfund FAQs and tax rates for some chemical substances subject to the recently reinstated excise tax.

June 27, 2022

Regs. proposed for present value of estate deductions

Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.

June 23, 2022

IRS extends e-filing to more 1040-series amended returns

Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.

June 22, 2022

National Taxpayer Advocate report targets IRS service

In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.

June 21, 2022

Supreme Court to resolve FBAR penalty dispute

By agreeing to hear a Romanian-born businessperson’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.

June 17, 2022

IRS voice bots help set up payment plans

The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.

June 15, 2022

Senate Finance airs post-Wayfair sales tax burdens

Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.

June 15, 2022

Tax update: S elections, PTE, and Sec. 1202

EY’s Tony Nitti, CPA, shares a preview of general business update topics before his presentation at ENGAGE.

June 14, 2022

Better taxpayer service among GAO priorities for IRS

The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.

June 10, 2022

Midyear IRS mileage rate increase follows precedent, recent pleas

Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.

June 10, 2022

Tax-avoidance schemes round out ‘Dirty Dozen’

The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.

FROM THIS MONTH'S ISSUE

Clean data faster using Excel’s REGEX functions

Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.