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Accounting & Taxes

Regulations finalize PTIN fees for tax return preparers

AICPA Tax Advisor - Tue, 2024-05-14 14:22
The IRS was required to reduce the charge for preparer tax identification numbers after a federal court found the previous amount excessive. The final regulations adopt the text of interim final and proposed regulations issued in 2023 without change.
Categories: Accounting & Taxes

HSA inflation-adjusted maximum contribution amounts for 2025 announced

AICPA Tax Advisor - Thu, 2024-05-09 15:37
After steep increases for 2024, the HSA maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.
Categories: Accounting & Taxes

Foreign trust transactions and large gifts addressed in proposed regs.

AICPA Tax Advisor - Wed, 2024-05-08 15:07
The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.
Categories: Accounting & Taxes

Final regs. issued for new, previously owned clean vehicle credits

AICPA Tax Advisor - Fri, 2024-05-03 16:25
The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content.
Categories: Accounting & Taxes

Practitioner service improvements part of IRS strategic operating plan

AICPA Tax Advisor - Fri, 2024-05-03 09:26
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
Categories: Accounting & Taxes

Automatic accounting method changes list updated by IRS

AICPA Tax Advisor - Tue, 2024-04-30 16:45
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.
Categories: Accounting & Taxes

Final regs. issued for clean energy credit transfers

AICPA Tax Advisor - Thu, 2024-04-25 16:32
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers.
Categories: Accounting & Taxes

Draft of Form 1099-DA for reporting digital asset transactions released

AICPA Tax Advisor - Tue, 2024-04-23 12:49
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”
Categories: Accounting & Taxes

IRS has mixed results from ‘ghost employer’ enforcement efforts

AICPA Tax Advisor - Mon, 2024-04-22 11:56
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report.
Categories: Accounting & Taxes

Updated FAQs provide details on phase-in timing of BOI access

AICPA Tax Advisor - Fri, 2024-04-19 15:20
The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.
Categories: Accounting & Taxes

Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says

AICPA Tax Advisor - Thu, 2024-04-18 07:29
IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.
Categories: Accounting & Taxes

IRS grants limited waiver for underpayment of estimated corporate AMT

AICPA Tax Advisor - Mon, 2024-04-15 17:07
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
Categories: Accounting & Taxes

Dirty Dozen list ends with easements, digital assets, and more

AICPA Tax Advisor - Fri, 2024-04-12 07:48
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Categories: Accounting & Taxes

Proposed regs. issued for 1% excise tax on corporate stock repurchases

AICPA Tax Advisor - Wed, 2024-04-10 14:07
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
Categories: Accounting & Taxes

Two home energy rebates not includible in gross income, IRS says

AICPA Tax Advisor - Mon, 2024-04-08 17:00
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
Categories: Accounting & Taxes

AICPA: BOI ruling confuses businesses; enforcement should be delayed

AICPA Tax Advisor - Mon, 2024-04-08 13:59
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Categories: Accounting & Taxes

Supreme Court to decide estate tax impact of life insurance in closely held businesses

AICPA Tax Advisor - Wed, 2024-04-03 08:44
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
Categories: Accounting & Taxes

Dirty Dozen list from IRS opens with phishing, smishing scams

AICPA Tax Advisor - Thu, 2024-03-28 16:24
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Categories: Accounting & Taxes

Latest federal budget includes $20 billion rescission for IRS

AICPA Tax Advisor - Tue, 2024-03-26 17:01
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Categories: Accounting & Taxes

Enforcement, voluntary programs yield over $1 billion from ERC claims

AICPA Tax Advisor - Fri, 2024-03-22 16:05
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Categories: Accounting & Taxes

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