Tax News - The Tax Adviser

June 27, 2022

Regs. proposed for present value of estate deductions

Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.

June 23, 2022

IRS extends e-filing to more 1040-series amended returns

Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.

June 22, 2022

National Taxpayer Advocate report targets IRS service

In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.

June 21, 2022

Supreme Court to resolve FBAR penalty dispute

By agreeing to hear a Romanian-born businessperson’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.

June 17, 2022

IRS voice bots help set up payment plans

The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.

June 15, 2022

Senate Finance airs post-Wayfair sales tax burdens

Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.

June 14, 2022

Better taxpayer service among GAO priorities for IRS

The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.

June 10, 2022

Midyear IRS mileage rate increase follows precedent, recent pleas

Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.

June 10, 2022

Tax-avoidance schemes round out ‘Dirty Dozen’

The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.

June 9, 2022

Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.

June 9, 2022

Standard mileage rate to increase for last half of 2022

Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.

June 9, 2022

‘Dirty Dozen’: Spear phishing targets tax pros

Emails appearing to come from the Internal Revenue Service or a tax software provider may aim to steal tax return preparers’ account and client information.

June 8, 2022

IRS warns of impostors in ‘Dirty Dozen’

The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.

June 7, 2022

‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’

Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.

June 6, 2022

More ‘Dirty Dozen’: Tax refund theft and fake charity appeals

The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.

June 2, 2022

Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams

The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.

May 27, 2022

Senators request details on IRS info return destruction

The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.

May 26, 2022

Senators urge 2-D barcoding of paper-filed tax returns in 2023

Fourteen GOP members of the Senate Finance Committee added their voices to National Taxpayer Advocate Erin Collins’s recent directive to the Internal Revenue Service relating to processing of paper-filed returns.

May 23, 2022

IRS mostly correct on recovery rebate credits, TIGTA says

The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.

May 20, 2022

Ukraine aid eligible for leave-based donations programs

Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.