AICPA: BOI ruling confuses businesses; enforcement should be delayed
Journal of Accountancy » Tax
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6d ago
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled ..read more
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Two home energy rebates not includible in gross income, IRS says
Journal of Accountancy » Tax
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6d ago
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased ..read more
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Proposed regs. issued for 1% excise tax on corporate stock repurchases
Journal of Accountancy » Tax
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6d ago
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax ..read more
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Dirty Dozen list ends with easements, digital assets, and more
Journal of Accountancy » Tax
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6d ago
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element ..read more
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IRS grants limited waiver for underpayment of estimated corporate AMT
Journal of Accountancy » Tax
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6d ago
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration ..read more
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Dirty Dozen list from IRS opens with phishing, smishing scams
Journal of Accountancy » Tax
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2w ago
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer ..read more
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Tax Court petition is ruled untimely
Journal of Accountancy » Tax
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2w ago
When a private delivery service is used, it must be one the IRS has specifically identified to satisfy Sec. 7502, the Tax Court holds ..read more
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Court’s inaccessibility extends taxpayers’ petition filing deadline
Journal of Accountancy » Tax
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2w ago
Although mailed after the 90- day deadline had expired, the petition was timely because it was filed within a 14-day extension provided under Sec. 7451(b)(1 ..read more
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Foreign earned income and housing exclusion denied
Journal of Accountancy » Tax
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2w ago
Another worker at a U.S.–Australia joint defense facility fails to nullify a closing agreement waiver ..read more
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Supreme Court to decide estate tax impact of life insurance in closely held businesses
Journal of Accountancy » Tax
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2w ago
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week ..read more
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