Tax News - The Tax Adviser

April 8, 2022

NTA calls for more time to contest denial of refund or credit claim

National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.

April 8, 2022

IRS commissioner to senators: ‘Our efforts are working’

Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.

April 5, 2022

IRS eases application process for US residency certification

New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.

April 5, 2022

Proposed regulations revise premium tax credit’s affordability test

The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.

March 31, 2022

National taxpayer advocate directs IRS to implement scanning technology

Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.

March 30, 2022

‘SECURE 2.0’ would further expand retirement savings options

Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.

March 29, 2022

Billionaire minimum tax could pose difficulties

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

March 28, 2022

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

March 28, 2022

BBA partnership audits show high no-change rate, TIGTA says

The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.

March 25, 2022

Various exempt organization notices paused

Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.

March 25, 2022

IRS reproposes unified plan rule exception for multiple-employer plans

Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

March 23, 2022

TIGTA: IRS inefficiencies worsened backlog

An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.

March 22, 2022

Individual taxpayers must answer cryptoasset question, IRS notes

Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

March 17, 2022

Commissioner to Congress: IRS will clear backlog by year’s end

Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.

March 17, 2022

TIGTA: IRS beset by processing backlogs, hiring lags in 2021

A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.

March 16, 2022

Auto depreciation limits leap with inflation

The Internal Revenue Service issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.

March 15, 2022

IRS waives estimated-tax penalties for farmers and fishermen

The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.

March 11, 2022

Congress to hear from IRS commissioner on filing season

AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.

March 10, 2022

IRS direct-hiring 5,000 in service centers

The IRS will hold in-person and virtual “hiring events” this month to begin filling positions in three service centers.

March 10, 2022

New, lower Form 1099-K threshold prompts cautions, criticisms

The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.