AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
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The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Being familiar with the taxpayer rights provisions can be helpful because the manual is essentially an employee handbook that IRS employees must follow.
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.
A qualified amended return can allow taxpayers to avoid certain penalties, but only in closely circumscribed circumstances.
Nonresident alien’s Sec. 751 gain on sale of partnership interest was sourced to United States.
This item examines this issue and the potential position that such a substitute for return does not constitute a return that triggers the statute of limitation on claims for refund under Sec. 6511.
Sec. 401(k) plan distribution is not excludable from income or exempt from the Sec. 72(t) addition to tax due to taxpayer’s diabetes.
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.