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.
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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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Some balance-due notices on joint returns issued in error, IRS says
Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.
Senate passes CHIPS Act with semiconductor tax credit
The bill’s semiconductor production incentives would include a new 25% investment credit.
IRS seeks transformation in new 5-year plan
The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.
Pandemic-paused IRS return preparer visits could resume by video
The U.S. GOA recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
