R&D credit claim transition period extended

Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.

Developments in state income tax nexus for remote sellers

A movement to reframe the Interstate Income Act of 1959, which limits the reach of state income taxes on remote sellers, could have a significant impact on state income tax nexus in today’s world, where the internet has changed the nature of practically every business.

Line items

Congress enacts tax and climate bill ... Guidance on clean vehicle tax credit ... CHIPS and Science Act with semiconductor tax credit passes Congress ... Guide released for tax pros’ information security plan ... National taxpayer advocate appeals IRS response on scanning tech ... Regulations streamline partnership basis elections ... Some balance-due notices on joint returns issued in error, IRS says

AICPA asks IRS to expand penalty relief

The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.

Line items

Estates can now request late portability election relief for 5 years ... Supreme Court to resolve FBAR penalty dispute ... AICPA recommends additional IRS backlog measures ... TIGTA: Delayed screening of IRS new hires risked taxpayer data ... Pandemic-paused IRS return preparer visits could resume by video

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

Where to find October’s flipbook issue

The Journal of Accountancy is now completely digital. 





2022 Payroll Update

Employees working remotely have created numerous issues for employers. The 2022 Payroll Update report provides insight on remote workforce tax issues, pandemic payroll issues and employer credits, and worker classification issues in the gig economy.