Tax news and information - Journal of Accountancy

TOPICS

March 1, 2022

Line items

What’s new for 2022 in federal taxes … National taxpayer advocate details 2021 as ‘most challenging
year’ ever … AICPA joins coalition seeking relief from IRS service challenges … Updated FAQs address 2021 child tax credit and advance payments … FAQs address calculation and reconciliation of recovery rebate credit … New R&D credit documentation requirements clarified

March 1, 2022

IRS diagnoses a defect in Mayo Clinic

The Eighth Circuit’s decision
was a partial win for the Service,
which nonetheless does not
acquiesce to the court’s holding
regarding the formal-instruction
requirement for tax-exempt
educational institutions.

March 1, 2022

How married couples can use trusts in estate planning

Married taxpayers have estate planning options others don’t.

February 25, 2022

AICPA again asks IRS to delay K-2/K-3 reporting

Comment letters from the AICPA and state CPA societies also offer further recommendations.

February 23, 2022

Proposed regulations update RMDs for SECURE Act changes

The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.

February 22, 2022

IRS offers alternative to facial recognition

A short-term option involves a virtual interview with IRS personnel to authenticate taxpayers’ and practitioners’ identities for online services.

February 17, 2022

AICPA testifies to Congress on IRS service problems

In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.

February 17, 2022

Tax pros are subject of ‘spearphishing’ attacks

Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.

February 16, 2022

IRS offers further K-2/K-3 relief

The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.

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.

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