Tax news and information - Journal of Accountancy

TOPICS

May 23, 2022

IRS mostly correct on recovery rebate credits, TIGTA says

The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.

May 20, 2022

Ukraine aid eligible for leave-based donations programs

Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.

May 19, 2022

Tax equity research lacks demographic data, GAO reports

The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.

May 18, 2022

House subcommittee queries audit rates, IRS resources

Officials from the IRS and the US Government Accountability Office address legislators’ questions on taxpayer service and enforcement across income levels.

May 18, 2022

IRS audit rates decreased most for wealthy, GAO finds

In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.

May 17, 2022

Why a busy-season debrief has value, and why it’s not just for tax teams

Three CPAs discuss the importance of planning to have a debrief after an intense period of work, whether tax season or a busy sales cycle, in this podcast with transcript.

May 13, 2022

IRS blames old tech in destruction of information returns

The IRS responds to a report by the Treasury Inspector General for Tax Administration that pointed to the March 2021 incident as one example demonstrating a need for the Service to increase e-filing options.

May 10, 2022

Helping build a better tax system

A CPA describes his journey from a small practice to advising the IRS and Congress on issues of tax policy and administration.

May 10, 2022

TIGTA: IRS should work to expand e-filing

The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.

May 9, 2022

Procedures for Puerto Rico residents to claim a 2021 child tax credit

The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.

May 5, 2022

Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says

The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.

May 1, 2022

No step-up in basis for private foundation’s assets

A PMTA disagrees with a prior letter ruling.

May 1, 2022

Line items

IRS to fast-track 10,000 hirings to address backlog … National taxpayer advocate to CPAs: Tell us where the challenges are … Proposed regulations update RMDs for SECURE Act changes … IRS offers alternative to facial recognition

May 1, 2022

Adopting a child: Tax planning considerations

Parents pursuing an adoption can use a CPA’s advice.

May 1, 2022

Eleventh Circuit: Judicial extinguishment proceeds formula invalid

The IRS’s interpretation of a conservation easement rule is struck down.

May 1, 2022

IRS levy trumps decedent’s children’s claim to money held in usufruct

State law treats heirs as unsecured creditors.

April 29, 2022

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

April 28, 2022

Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.

April 26, 2022

Invitation issued for IRS Priority Guidance Plan recommendations

The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.

April 26, 2022

IRS proposes to amend estate and gift tax basic exclusion regs.

Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.