Letters from IRS to warn taxpayers about possible QOF actions needed
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds.
News
Acute IRS challenges had chronic origins, GAO reports
The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
NTA calls for more time to contest denial of refund or credit claim
National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
IRS commissioner to senators: ‘Our efforts are working’
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
IRS eases application process for US residency certification
New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
Proposed regulations revise premium tax credit’s affordability test
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
National taxpayer advocate directs IRS to implement scanning technology
Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
‘SECURE 2.0’ would further expand retirement savings options
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
Billionaire minimum tax could pose difficulties
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
Biden proposes higher corporate tax rate, 20% billionaire minimum tax
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
BBA partnership audits show high no-change rate, TIGTA says
The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.
Various exempt organization notices paused
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
IRS reproposes unified plan rule exception for multiple-employer plans
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
TIGTA: IRS inefficiencies worsened backlog
An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.
Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
Commissioner to Congress: IRS will clear backlog by year’s end
Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.
TIGTA: IRS beset by processing backlogs, hiring lags in 2021
A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.
Auto depreciation limits leap with inflation
The Internal Revenue Service issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.
IRS waives estimated-tax penalties for farmers and fishermen
The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.
Congress to hear from IRS commissioner on filing season
AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.
