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Accounting & Taxes

Final and proposed regs. issued on retirement plan RMDs

AICPA Tax Advisor - Thu, 2024-07-18 16:41
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.
Categories: Accounting & Taxes

IRS collects $1 billion from high-income people who owed back taxes

AICPA Tax Advisor - Thu, 2024-07-11 05:00
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.
Categories: Accounting & Taxes

Proposed regs. address interest recapture on excess COVID-19 credits

AICPA Tax Advisor - Wed, 2024-07-03 08:53
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.
Categories: Accounting & Taxes

Tax pros: IRS improving, but getting the right answer takes too long

AICPA Tax Advisor - Tue, 2024-07-02 15:36
A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
Categories: Accounting & Taxes

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

AICPA Tax Advisor - Tue, 2024-07-02 12:53
The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.
Categories: Accounting & Taxes

IRS issues final regs. on reporting requirements for digital assets

AICPA Tax Advisor - Mon, 2024-07-01 16:27
The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.
Categories: Accounting & Taxes

Supreme Court overrules 40-year-old Chevron doctrine

AICPA Tax Advisor - Fri, 2024-06-28 15:45
The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.
Categories: Accounting & Taxes

Settlement offers to be sent on syndicated conservation easements

AICPA Tax Advisor - Thu, 2024-06-27 11:23
The IRS is making a time-limited settlement offer to certain taxpayers who participated in syndicated conservation easements. The terms will require “substantial concession” of income tax benefits and the imposition of some penalties.
Categories: Accounting & Taxes

‘Unconscionable’ delays in ID theft cases mar IRS tax season: report

AICPA Tax Advisor - Wed, 2024-06-26 17:12
In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that, as of April, the IRS was taking over 22 months to resolve cases in its identity theft victim assistance unit, which had about 500,000 unresolved cases.
Categories: Accounting & Taxes

Final regs. issued on conservation easement deduction disallowance

AICPA Tax Advisor - Mon, 2024-06-24 17:38
The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Categories: Accounting & Taxes

Supreme Court decision on Chevron doctrine will affect tax pros

AICPA Tax Advisor - Mon, 2024-06-24 17:20
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
Categories: Accounting & Taxes

Exceptions to penalty on early retirement plan distributions outlined

AICPA Tax Advisor - Fri, 2024-06-21 14:09
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
Categories: Accounting & Taxes

IRS: Review of 1 million ERC claims reveals most show signs of risk

AICPA Tax Advisor - Thu, 2024-06-20 17:17
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Categories: Accounting & Taxes

Supreme Court issues narrow opinion upholding Sec. 965 transition tax

AICPA Tax Advisor - Thu, 2024-06-20 16:37
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
Categories: Accounting & Taxes

Regs. cover green energy incentive wage and apprenticeship requirements

AICPA Tax Advisor - Tue, 2024-06-18 16:57
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.
Categories: Accounting & Taxes

IRS moves to end ‘shell game’ of basis-shifting transactions

AICPA Tax Advisor - Mon, 2024-06-17 08:45
The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.
Categories: Accounting & Taxes

IRS gives another limited estimated corporate AMT underpayment waiver

AICPA Tax Advisor - Thu, 2024-06-13 17:08
The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.
Categories: Accounting & Taxes

9 months into ERC claim processing moratorium, still a waiting game

AICPA Tax Advisor - Wed, 2024-06-12 09:05
New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.
Categories: Accounting & Taxes

National taxpayer advocate: TikTok a difficult adversary for IRS

AICPA Tax Advisor - Fri, 2024-06-07 16:45
Speaking at ENGAGE, Erin Collins asks: How does the IRS fight bad tax advice on TikTok when employees are not supposed to access it?
Categories: Accounting & Taxes

Supreme Court: Insurance proceeds increase corporation’s estate tax value

AICPA Tax Advisor - Fri, 2024-06-07 16:02
In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.
Categories: Accounting & Taxes

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