Commissioner Billy Long said last week that the next filing season would start around Presidents Day, but the IRS said Tuesday that it has not set a date.
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TOPICS / PROCEDURE
Tax Planning; Tax Minimization
AICPA makes recommendations to IRS on next Priority Guidance Plan
In addition to the guidance on the plan, the letter recommends that Treasury and the IRS continue pursuing tax simplification.
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.
Prevailing wage and apprenticeship requirements guidance issued
The IRS issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship requirements.
The AICPA’s tax policy and advocacy work: 2022 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Cryptoasset clarity needed for private fund managers
This item outlines the risks private fund managers should consider when investing their portfolio in cryptoassets.
Congress to hear from IRS commissioner on filing season
AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.
Sorting the tax consequences of settlements and judgments
This article discusses issues taxpayers should consider during a litigation or arbitration process.
Achieving a better life experience (ABLE) accounts rules finalized
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
TFRP: A possible second financial crisis for business owners
Employers should beware of the trust fund recovery penalty.
Capitalized IPO costs are nondeductible after take-private transaction
The treatment of stock issuance costs continues to be governed by legal precedent that requires such costs be offset against the proceeds of the stock sale.
Overpayment due to minimum tax credit is attributable to NOL carryback
Refund claim for overpayment caused by credit is
attributable to net operating loss for purposes of the Sec. 6511(d)(2) limitation period.
Taxpayer First Act: Important new protections for taxpayer information
Several provisions restrict the IRS’s authority to gather information or impose an obligation on the agency to share information or documents with taxpayers that can prove beneficial to taxpayers and their representatives.
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.
AICPA supports bill that would make PPP-funded expenses deductible
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
COVID-19 pandemic prompts many tax changes
Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.
IRS posts FAQs on paid sick and family leave
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
Guidance on NOL carryback and tentative carryback adjustments
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
Bonus depreciation prop. regs. on no prior use, departures from group
Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation
following various transactions involving consolidated groups.
What does ‘consulting’ mean for purposes of Sec. 1202?
The Code does not define consulting for purposes of the rule on qualified trades or businesses, nor do
Treasury regulations or Sec. 1202 legislative history provide guidance, leaving taxpayers to find other sources to derive the meaning.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
