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.
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TOPICS
IRS Practice & Procedure
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.
Business standard mileage rate increases for 2024
The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
IRS reorganizes leadership structure with 1 deputy commissioner
Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.
ERC disallowance letters sent to 20K+ taxpayers
The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.
IRS targets Malta pension plans: Compliance options
This article describes the plans and their purported U.S. tax benefits, the potential income tax and reporting penalties for engaging in them, and ways that participants in these transactions may come back into tax and reporting compliance and mitigate penalties related to their use.
Tax Court allows equitable tolling of deadline to review CDP hearing
Equitable tolling applies to the deadline for filing a request for a collection due process hearing.
Distributions to wife do not result in income for husband
Distributions from an IRA and insurance policy taken by wife under a POA from husband are not income to husband.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
IRS surveys tax professionals to help it improve services
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
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.
