Tax News - The Tax Adviser

October 11, 2022

Final regulations adopt ‘family-friendly’ health care affordability test

Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.

October 3, 2022

R&D credit claim transition period extended

Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.

September 26, 2022

IRS raises per diem standard rates for business travel

Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.

September 26, 2022

AICPA again critiques new IRS requirements for R&D credits

In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.

September 23, 2022

Penalty relief deadline fast approaches for 2019, 2020 tax returns

Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.

September 9, 2022

AICPA asks IRS to expand penalty relief

The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 29, 2022

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

August 25, 2022

AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements

Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.

August 24, 2022

IRS relieves penalties for 2019 and 2020

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

August 17, 2022

Guidance on clean vehicle tax credit

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

August 17, 2022

Congress enacts tax and climate bill

With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.

August 10, 2022

Guide released for tax pros’ information security plan

A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.

August 8, 2022

Key tax provisions in the Senate reconciliation bill

The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.

August 4, 2022

National taxpayer advocate appeals IRS response on scanning tech

National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.

August 4, 2022

Regulations streamline partnership basis elections

Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.

July 29, 2022

CHIPS and Science Act with semiconductor tax credit passes Congress

The bill now goes to President Joe Biden, who has said he will sign it into law.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

July 28, 2022