New online portal available for businesses to file Forms 1099
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
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Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.
Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
Treasury and the IRS have proposed regulations to clarify the types of federal tax controversies that may be appealed to the IRS Independent Office of Appeals.
The statute of limitation was tolled from the time of an appellate decision until the Supreme Court denied a petition for a writ of certiorari.
A recent IRS Chief Counsel memo clarifies the assessment limitation period in multiyear Sec. 332(b) liquidations.
The IRS no longer requires examiners to follow a four-step process for determining whether a transaction complies with the economic substance doctrine before a penalty can be asserted under Secs. 6662(b)(6) and 6662(i).
The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.
The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
The Tax Court enters a new decision in a case despite an ambiguous appellate court mandate
An automatic stay in Tax Court is not lifted by the confirmation of a bankruptcy plan;
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.