The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.
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IRS Practice & Procedure
Proposed regs. would exclude tribal general welfare benefits from income
The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.
IRS seeks comments on SECURE 2.0 saver’s match contributions
Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.
Supreme Court overturns Chevron doctrine
The 40-year old decision requiring judicial deference to the IRS’s and other federal agencies’ reasonable interpretations of ambiguous statutes was overruled in Loper Bright Enterprises, Inc.
Abdo could provide relief for other missed deadlines
The Tax Court’s decision invalidating regulations under Sec. 7508A creates uncertainty regarding IRS deadlines affected by disaster declarations.
Fact sheet addresses taxability of crowdfunding distributions
The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.
Employers now have interim guidance on student loans and retirement plans
The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.
AICPA joins coalition to fight intensifying tax scams, schemes
The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.
Businesses with dubious ERC claims have another chance with the IRS
The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.
IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.
Academic research sheds light on important tax matters
Recent academic journal articles of potential interest to tax practitioners investigated companies’ tax-avoidance behavior, knowledge sharing between accounting firms’ audit and tax personnel, the TCJA’s effects on US corporations’ debt structure and effective tax rates, and how cryptoasset investors respond to tax-compliance scrutiny.
5 new warning signs of a bad claim for pandemic-era ERC
The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.
Funding spurs IRS improvements, but challenges remain, commissioner says
Commissioner Danny Werfel said the IRS is “reversing situations that have long hampered the IRS and frustrated taxpayers.” Treasury and the IRS announced continued improvements in digital systems, attributing those to funding from the Inflation Reduction Act.
Final and proposed regs. issued on retirement plan RMDs
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.
IRS collects $1 billion from high-income people who owed back taxes
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.
Proposed regs. address interest recapture on excess COVID-19 credits
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.
Tax pros: IRS improving, but getting the right answer takes too long
A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
