Tax News - The Tax Adviser

November 8, 2022

Practitioner Perspectives series to continue within IRS Appeals

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.

November 4, 2022

IRS seeks comments on several green energy tax credits

The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.

November 3, 2022

National taxpayer advocate has concerns about $400,000 audit promise

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.

November 1, 2022

Past commissioners set optimistic tone for next IRS commissioner in AICPA panel

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.

October 31, 2022

Growing tax gap shows need for better service, compliance, IRS says

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.

October 28, 2022

IRS hires 4,000 customer service reps, plans to hire 1,000 more

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.

October 27, 2022

New process provided for anonymous reporting of ERC mills

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.

October 25, 2022

IRS initiates pilot program to thwart line-jumping on PPS calls

The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.

October 21, 2022

Retirement account inflation adjustments issued for 2023

The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.

October 20, 2022

Disaster area filing extensions apply to 2019, 2020 penalty relief

The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.

October 19, 2022

IRS announces annual inflation adjustments for tax year 2023

Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 13, 2022

Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

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