Tax news and information - Journal of Accountancy

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April 22, 2022

Supreme Court holds Tax Court not bound by petition filing deadline

The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.

April 21, 2022

IRS funding, technology assessed in House hearing

IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.

April 19, 2022

Treasury equity action plan reports progress

The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.

April 18, 2022

Superfund taxpayers granted failure-to-deposit penalty relief

The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.

April 18, 2022

SALT cap challenge is denied Supreme Court review

The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.

April 13, 2022

IRS’s FATCA enforcement fell short, TIGTA says

Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.

April 13, 2022

Letters from IRS to warn taxpayers about possible QOF actions needed

The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .

April 12, 2022

Acute IRS challenges had chronic origins, GAO reports

The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.

April 8, 2022

NTA calls for more time to contest denial of refund or credit claim

National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.

April 8, 2022

IRS commissioner to senators: ‘Our efforts are working’

Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.

April 5, 2022

IRS eases application process for US residency certification

New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.

April 5, 2022

Proposed regulations revise premium tax credit’s affordability test

The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.

April 1, 2022

Mortgage interest credit aids first-time homebuyers

The subsidy improves affordability for lower-income families.

April 1, 2022

Line items

IRS identifies paused taxpayer notices … Tax pros share IRS service challenge stories, solutions … IRS backs away from facial recognition … ‘Quick’ carryback tax refunds took nearly double the 90-day deadline

April 1, 2022

Losses from millionaire’s donkey breeding allowed

A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.

March 31, 2022

National taxpayer advocate directs IRS to implement scanning technology

Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.

March 30, 2022

‘SECURE 2.0’ would further expand retirement savings options

Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.

March 29, 2022

Billionaire minimum tax could pose difficulties

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

March 28, 2022

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

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