IRS Revises Form 1099-K FAQs
The IRS recently revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2023-06.
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IRS Publishes FAQs on Medical Expenses Related to Nutrition, Wellness
The IRS recently posted frequently asked questions addressing whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.
View MoreTop 5 Errors CPAs (or Their Providers) Are Making When Calculating the ERC
About 1 ½ years ago, I wrote an article about the “10 Biggest Myths (Missed Opportunities) of the Employee Retention Credit (ERC).”
View MoreIRS Clarifies Required Minimum Distribution Reporting
The IRS recently issued Notice 2023-23, providing clarification to financial institutions on changes to reporting for required minimum distributions due to the SECURE 2.0 Act.
View MoreIRS Office of Professional Responsibility Provides Guidance on ERC Claims
In response to requests from tax practitioners, the IRS Office of Professional Responsibility recently issued guidance on practitioners’ professional responsibility obligations in connection with clients’ Employee Retention Credit claims, including prior federal tax returns claiming the ERC that the practitioners did not themselves prepare.
View MoreTennessee Department of Revenue Updates Various Tax Manuals
The Tennessee Department of Revenue recently updated various tax manuals and released a brief overview of the substantive updates.
View MoreIRS Extends Lookback Period for Refund Claims Related to Pandemic
The IRS recently issued Notice 2023-21 to extend the lookback period for refund claims for tax returns with due dates that were postponed due to the pandemic.
View MoreTreasury and IRS Issue Final Regulations on e-file for Businesses
The U.S. Treasury Department and the IRS recently issued final regulations T.D. 9972, amending the rules for filing returns and other documents electronically.
View MoreTreasury and IRS Provide Interim Guidance on Alternative Minimum Tax
The U.S. Treasury Department and the IRS recently issued Notice 2023-20, providing interim guidance for insurance companies and certain other taxpayers for the new corporate alternative minimum tax until proposed regulations are issued.
View MoreIRS Announces Online Upload Option Now Available for 9 Notices
The IRS recently announced that taxpayers who receive certain notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov.
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