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.
IRS Practice & Procedure
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.
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.
Lenders should not report student loans discharged under ARPA
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
Early sunset of the employee retention credit gets penalty relief
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
AICPA tax advocacy gets results in 2021
The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
E-signing for forms, tax compliance documents extended
Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
Keeping client data secure: How’s your cybersecurity immunity?
This article discusses five things tax professionals can do to boost their security immunity.
Tax Court blows the whistle on whistleblower claim
A whistleblower is not entitled to an award where information provided did not directly result in the tax collected by the IRS.
Automatic extension for furnishing health coverage statements proposed
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.”
Tax provisions in the Build Back Better Act
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.
New user verification for IRS online accounts to be required by mid-2022
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.
IRS commissioner: We’re hiring
Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
Meal portion of per diem allowance can be treated as attributed to a restaurant
An IRS notice provides a special rule for the temporary 100% deduction.
New FAQs cover interplay of unemployment income exclusion and credits
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
IRS issues inflation adjustments for 2022 returns
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
Tax treatment of COVID-19 homeowner relief payments clarified
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
Corporation not covered by economic hardship exception
The economic hardship exception to a levy does not apply to corporations.
Client, attorney, and preparer emails were protected from disclosure
Emails between client, attorney, and return preparer may be protected from disclosure under certain circumstances.
