June 2023

June 30, 2023

Stock repurchase excise tax reporting and payment delayed by IRS

The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.

June 29, 2023

Research finds algorithms, unscrupulous preparers behind audit bias

Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.

June 23, 2023

COVID-19 coverage without a deductible ends next year

A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.

June 22, 2023

Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative

In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”

June 16, 2023

IRS updates list of automatic accounting method changes

The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.

June 14, 2023

IRS addresses whether college NIL collectives further an exempt purpose

A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.

June 8, 2023