With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.
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TOPICS
Tax
IRS to begin accepting and processing 2023 tax returns on Jan. 29
IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed.
IRS collects record-setting $4.9 trillion in tax revenue in FY 2022
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021.
Draft form, instructions posted for corporate AMT
The IRS instructions say that all corporations must file Form 4626, unless they fall under one of four exclusions, to determine whether they are an applicable corporation, and, if so, to calculate the tax.
S corporation denied charitable deduction for bargain land sale to town
The company received a favorable rezoning of other land it owned as part of the land sale, which was a benefit not taken into account in determining the charitable deduction, the Tax Court held.
Line items
IRS announces relief for taxpayers affected by attacks in Israel … Social Security wage base, COLA set for 2024 … IRS reduces fee for PTINs, updates Tax Pro Accounts … Special per diem rates for business travel rise … IRS to modernize regs. for tax sales of seized property
IRS’s referral to DOJ did not bar collection proceedings
The taxpayers’ pending installment plan proposal did not prevent the referral, the Second Circuit affirms.
Tips for a better tax season
Practitioners should address tax provision changes and practice management issues.
Tax Court petition held untimely
The taxpayers’ foreign travel did not entitle them to a 150-day extended deadline, the Tax Court held.
Filing season quick guide — tax year 2023
Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
ERC voluntary disclosure program requiring 80% claim payback launched
The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.
Final rule issued on access to beneficial ownership information
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
The AICPA’s tax policy and advocacy work: 2023 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Commercial clean vehicle credit safe harbor announced for 2024
The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”
IRS announces penalty relief, resumption of collection notices
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
IRS expands access to business tax accounts, adds features
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.
Information-reporting penalty safe harbor finalized
The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.
Interim guidance provided for the corporate alternative minimum tax
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.
Business standard mileage rate increases for 2024
The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
Podcast part 1: Melancon on news and trends affecting CPAs
The CEO of AICPA & CIMA discusses a potential IRS shutdown, why legislation will have an “extraterritorial effect” on reporting of ESG metrics, and why CPA licensure should be followed closely.
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