Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
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TOPICS
Tax
New FAQs cover interplay of unemployment income exclusion and credits
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
Changing ways of working call for changing employment and tax policy
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
Infrastructure analysis: The ERC’s end, and what’s next
An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.
IRS issues inflation adjustments for 2022 returns
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
FAQ guidance on income change reporting for advance child tax credit
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
Employee retention credit: Opportunities remain
The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
Tax treatment of COVID-19 homeowner relief payments clarified
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
Infrastructure bill tax provisions include ERC termination
The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
Carried interest reporting FAQs and guidance posted
The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
Safe harbor for ERC gross-receipts test
The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts
Line items
Partnership withholding regulations postponed … Automatic accounting method change procedures updated … Tax Court surge causing erroneous taxpayer assessments
IRS issues ERC guidance for second half of 2021
Majority owners’ wages for the employee retention credit are among issues addressed.
Imprisonment does not constitute reasonable cause
The reasonable-cause defense was denied even though the attorney of a jailed taxpayer had assured the taxpayer the returns were filed and taxes were paid.
Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
Videoconferencing with IRS now an option for all LB&I taxpayers
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Social Security wage base, COLA set for 2022
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
IRS launches ‘Tax Pro Account’ feature
Online submissions of POAs and client account authorizations are processed automatically.
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