April 2023

April 21, 2023

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

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.

April 13, 2023

IRS obsoletes 1958 revenue ruling on research and experimental costs

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.

April 13, 2023

AICPA encouraged by IRS $80 billion strategic operating plan

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.

April 11, 2023

Proposed regs. identify microcaptive reportable transactions

The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.

April 10, 2023

Safe-harbor language issued for amending conservation easement deeds

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.

April 10, 2023

Public can share ideas on IRS customer service this week

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.

April 7, 2023

IRS unveils $80 billion spending plan

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.

April 4, 2023

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

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.