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.
Tax
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.
How to go easier on staff during busy season
Many firms across the country have begun to abolish requirements for high-hour workweeks during busy season. Here’s how they are doing it.
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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
‘Own your narrative’ and other advice from a Starbucks executive
CPA leader Tiffany Willis shares some of her dreams and her career journey in this podcast episode with transcript. Also, get caught up on two IRS-related news items.
IRS raises per diem standard rates for business travel
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
AICPA again critiques new IRS requirements for R&D credits
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
Penalty relief deadline fast approaches for 2019, 2020 tax returns
Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.
A quick tour of student loan forgiveness, a quiz, and a letter to the IRS
This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.
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.
The ‘mixed bag’ of economic sentiment; recent IRS news; a PCAOB update
Economic optimism is dimming, bringing revenue and profit projections down as well, but more than half of U.S. finance decision-makers say they can use more workers. Learn more about quarterly sentiment, along with a look at IRS news and more, in this podcast episode with transcript.
Handling sales tax nexus audits
Be wary when a state sends a nexus questionnaire.
Government seeks rehearing in Seaview partnership return filing case
The Ninth Circuit’s holding is ‘in serious tension’ with precedent and misconstrues regulations, the government argues.
Innocent-spouse relief unavailable for TFRP, Tax Court holds
Relief is only available for income tax liabilities on a joint return.
Damages limited in IRS’s willful violation of bankruptcy discharge
The IRS failed to take proper precautions to abate a couple’s discharged tax debt, a bankruptcy court holds, but it denies attorneys’ fees.
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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
AICPA recommends changing cryptoasset question
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
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.
A deeper dive into the Inflation Reduction Act’s tax provisions
Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.
AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements
Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.
