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Accounting & Taxes

A pandemic-era tax break that remains rife with abuse — the ERC

AICPA Tax Advisor - Thu, 2023-06-01 16:37
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Categories: Accounting & Taxes

Update on states moving ahead with PTETs

AICPA Tax Advisor - Fri, 2023-05-26 11:54
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
Categories: Accounting & Taxes

AICPA backs bill to make it easier to file for tax extensions

AICPA Tax Advisor - Wed, 2023-05-24 16:15
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Categories: Accounting & Taxes

Supreme Court upholds exception to notice requirement for third-party summonses

AICPA Tax Advisor - Tue, 2023-05-23 07:45
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
Categories: Accounting & Taxes

HSA amounts continue trend, increase again in 2024

AICPA Tax Advisor - Wed, 2023-05-17 15:39
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
Categories: Accounting & Taxes

IRS chief: Racial disparities in audits will be addressed within a year

AICPA Tax Advisor - Tue, 2023-05-16 14:15
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
Categories: Accounting & Taxes

AICPA joins coalition to increase awareness of new BOI requirement

AICPA Tax Advisor - Tue, 2023-05-16 11:21
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.
Categories: Accounting & Taxes

AICPA supports extending mailbox rule to electronic filing and payments

AICPA Tax Advisor - Fri, 2023-05-12 16:47
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
Categories: Accounting & Taxes

IRS backlog lessens; agency plans to resume collection notices

AICPA Tax Advisor - Thu, 2023-05-11 16:52
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Categories: Accounting & Taxes

Black CPAs: IRS must end higher audit rates for Black taxpayers

AICPA Tax Advisor - Mon, 2023-05-08 07:54
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Categories: Accounting & Taxes

Proposed regs. provide rules for repatriation of intangible property

AICPA Tax Advisor - Tue, 2023-05-02 17:56
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
Categories: Accounting & Taxes

IRS returns to in-person public hearings; telephone still an option

AICPA Tax Advisor - Mon, 2023-05-01 13:52
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
Categories: Accounting & Taxes

Werfel: IRS will audit individuals under $400K at 2018 rates

AICPA Tax Advisor - Fri, 2023-04-21 11:49
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
Categories: Accounting & Taxes

IRS obsoletes 1958 revenue ruling on research and experimental costs

AICPA Tax Advisor - Thu, 2023-04-13 18:21
The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
Categories: Accounting & Taxes

AICPA encouraged by IRS $80 billion strategic operating plan

AICPA Tax Advisor - Thu, 2023-04-13 11:53
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Categories: Accounting & Taxes

Proposed regs. identify microcaptive reportable transactions

AICPA Tax Advisor - Tue, 2023-04-11 17:11
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
Categories: Accounting & Taxes

Safe-harbor language issued for amending conservation easement deeds

AICPA Tax Advisor - Mon, 2023-04-10 17:27
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Categories: Accounting & Taxes

Public can share ideas on IRS customer service this week

AICPA Tax Advisor - Mon, 2023-04-10 15:35
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
Categories: Accounting & Taxes

IRS unveils $80 billion spending plan

AICPA Tax Advisor - Fri, 2023-04-07 07:38
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
Categories: Accounting & Taxes

Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros

AICPA Tax Advisor - Tue, 2023-04-04 15:28
On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.
Categories: Accounting & Taxes


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