IRS 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.
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All Featured (33) For the Public (149) Tax News (533) Accounting & Auditing (247) Business & Industry News (142) Regulatory News (119) Legislative News (62) Chapter News (49) Young CPAs (91) Students (108) TSCPA Press Releases (104)Showing : 351–360 of 533
Understanding 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.
View MoreIRS Reassigns Employees to Help Address Backlog
The IRS recently announced that it is reassigning employees who used to process tax returns and related paperwork back to their old jobs for the next eight months to help address the agency’s backlog that began during the start of the pandemic.
View MoreTSCPA Applauds Lawmakers for Signing Bipartisan Letters Calling for Taxpayer and Tax Preparer Relief from the IRS
Tennessee Society of Certified Public Accountants applauds the five members of the Tennessee Congressional delegation who joined many of their colleagues in signing bipartisan letters to the Treasury Department urging it to improve this year’s tax filing season process.
View MoreIRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2022-14, updating the list of accounting method changes that are available automatically.
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