Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
IRS Practice & Procedure
The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.
Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
An IRS notice provides a special rule for the temporary 100% deduction.
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
The economic hardship exception to a levy does not apply to corporations.
Emails between client, attorney, and return preparer may be protected from disclosure under certain circumstances.
Microcaptive insurance arrangements have been vigorously scrutinized recently by the IRS.
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Extrinsic evidence is not allowed to prove the mailing date of an amended return where the envelope it was delivered in did not have a postmark.
Changes significantly affect how an innocent spouse case is prepared and places an increased burden on return preparers who interact with a taxpayer who potentially has an innocent spouse claim.
A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
In response to tax evasion concerns with the use of virtual currencies, in 2021 the IRS established a new program titled ‘Operation Hidden Treasure.’
The penalty for failure to report a distribution from a foreign trust is not reduced when the trust beneficiary is also the trust owner.
The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.