Tax news and information - Journal of Accountancy

TOPICS

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.

March 28, 2022

BBA partnership audits show high no-change rate, TIGTA says

The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.

March 25, 2022

Various exempt organization notices paused

Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.

March 25, 2022

IRS reproposes unified plan rule exception for multiple-employer plans

Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

March 23, 2022

TIGTA: IRS inefficiencies worsened backlog

An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.

March 22, 2022

Individual taxpayers must answer cryptoasset question, IRS notes

Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

March 17, 2022

Not-for-profit audits in a remote world, plus IRS news

Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.

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.