IRS Updates Recovery Rebate Credit FAQs for 2021
The IRS recently provided another update to the frequently asked questions for the 2021 Recovery Rebate Credit.
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IRS Revises Voluntary Disclosure Preclearance Form
The IRS recently released a revised version of Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, that includes an expanded reporting section and instructions for reporting virtual currency.
View MoreIRS Launches Resource Page on IRS.gov for Taxpayers During Filing Season
The IRS recently launched a special new page on IRS.gov to provide the latest details and information affecting the 2022 tax filing season and ongoing efforts by the agency to address the inventory of previously filed tax returns.
View MoreIRS Updates FAQs for Research Tax Credit Refund Claims
The IRS recently updated its frequently asked questions for taxpayers and practitioners submitting claims for refunds involving the research and development credit.
View MoreUnderstanding the New International Passthrough Reporting
Last year, the IRS released final versions of two new international-related schedules that are being added to passthrough entity returns to provide more clarity for shareholders and partners on how to calculate their U.S. income tax liability when considering potential international-related deductions, credits and miscellaneous items.
View MoreIRS Suspends Mailing of Additional Letters
The IRS recently announced the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax and the IRS has no record of a taxpayer filing a tax return.
View MoreReport Shows Decrease in Quality of IRS Employee Benefit Plan Exams
The Treasury Inspector General for Tax Administration recently released a report stating that the IRS unit that checks employee benefit plans for compliance with IRS qualification, reporting and disclosure requirements, and with excise and income tax matters, scored 23 percent lower overall on its quality reviews in fiscal years 2018 through 2020.
View MoreIRS to Transition Away From Use of Third-Party Verification Involving Facial Recognition
The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.
View MoreFranchise and Excise Tax Due Date Extended for More Counties Affected by December 2021 Storms
The Tennessee Department of Revenue recently extended the franchise and excise tax filing and payment deadlines to May 16, 2022, for four additional counties impacted by severe weather on Dec. 10-11, 2021.
View MoreLegislation Introduced to Change Tax Rules for Cryptocurrency Purchases
A group of lawmakers recently introduced bipartisan legislation to create a framework for taxing purchases made with cryptocurrency.
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