Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.
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IRS provides transition relief for change in beginning date for RMDs
A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.
Commissioner: We are progressing toward a user-friendly IRS
IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.
How the IRS can avoid tax deadline confusion in disaster areas
The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.
Prop. regs. clarify tax treatment of certain health insurance payments
New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.
Study: Deterrence a major factor in bringing in more money from IRS audits
The paper by researchers at Harvard University, the University of Sydney, and Treasury finds that an additional $1 spent on marginal audits of top earners can get a return of $12 in revenue.
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.
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.
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.
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.”
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.
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.
Penalty for underpayment of estimated corporate AMT waived for 2023
The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
National taxpayer advocate: A paperless IRS is possible
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
IRS revises actuarial tables to account for most recent mortality data
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.
A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Supreme Court upholds exception to notice requirement for third-party summonses
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
HSA amounts continue trend, increase again in 2024
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
IRS chief: Racial disparities in audits will be addressed within a year
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
