IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.
Advertisement
TOPICS
IRS Practice & Procedure
BOI reporting and unauthorized disclosure penalties increased
The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.
Simpler IRS notices are coming
The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume.
Reporting of digital assets as cash delayed until IRS issues regs.
In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold.
IRS enforcement efforts collect $520 million from wealthy taxpayers
IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress.
Taxpayer advocate: IRS again fails tax pros with PPS call answer rate
In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate.
IRS to begin accepting and processing 2023 tax returns on Jan. 29
IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed.
IRS collects record-setting $4.9 trillion in tax revenue in FY 2022
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021.
AICPA tax advocacy on digital assets
This novel and evolving form of assets continues to raise tax questions that an AICPA task force puts forward with suggestions for IRS guidance and congressional legislation.
LB&I announces updates to 2024 CAP program
Changes to the IRS’s Large Business and International Division’s Compliance Assurance Process program include making the Bridge Plus phase mandatory.
Energy credit prevailing wage and apprenticeship rules
The IRS and Treasury released a guidance package to help taxpayers engaged in qualified renewable energy projects comply with the prevailing wage and apprenticeship requirements created by the Inflation Reduction Act, P.L. 117-169.
Boyle rule applies to e-filed returns
Boyle applies to e-filed returns.
IRS expands fast track for some corporate letter rulings
A pilot program is made permanent, offering resolution of certain letter ruling requests by corporations within 12 weeks.
ERC voluntary disclosure program requiring 80% claim payback launched
The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.
Final rule issued on access to beneficial ownership information
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
The AICPA’s tax policy and advocacy work: 2023 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
IRS announces penalty relief, resumption of collection notices
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
IRS expands access to business tax accounts, adds features
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.
Information-reporting penalty safe harbor finalized
The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.
Interim guidance provided for the corporate alternative minimum tax
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.
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.
