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Understanding the New International Passthrough Reporting

February 10, 2022 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.

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IRS Suspends Mailing of Additional Letters

February 9, 2022 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.

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Report Shows Decrease in Quality of IRS Employee Benefit Plan Exams

February 7, 2022 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.

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