Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
The AICPA said the current draft of Schedule UTP, Uncertain Tax Position Statement, places a “significant burden” on both taxpayers and practitioners.
An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.
Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
The IRS Advisory Council issued a report Wednesday that emphasized recurring themes such as the need for consistent and multiyear funding and the importance of effective communication with taxpayers.
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.
The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.
The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.
The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.
National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.
Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.
The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.
The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.