The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.
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Revised voluntary disclosure form highlights cryptoassets
Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
IRS identifies paused taxpayer notices
While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.
Tax pros share IRS service challenge stories, solutions
The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
IRS backs away from facial recognition
The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.
AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals
The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.
IRS: ‘Limited group’ getting erroneous Letters 6419
The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
List of automatic tax method changes updated
A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.
‘Quick’ carryback tax refunds took nearly double the 90-day deadline
Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.
AICPA notes IRS announcement on notices, asks Service to do more
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
How nonfilers can claim 2021 tax credits
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Taxpayers need relief now, AICPA and other organizations say
The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
Final regulations affect owners of foreign stock
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
IRS issues procedures for employee status determinations
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
AICPA joins coalition seeking relief from IRS service challenges
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
FAQs address calculation and reconciliation of recovery rebate credit
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
National taxpayer advocate details 2021 as ‘most challenging year’ ever
Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
Updated FAQs address 2021 child tax credit and advance payments
FAQs on the Service’s website are updated for preparing 2021 returns.
Practitioners wary of IRS service lapses as tax season begins
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
PRACTICE MANAGEMENT
2026 tax software survey
CPAs rate their return preparation software’s performance during this year’s tax season.
