OPR publishes letter to request tax information in case files

CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations.

Unanswered calls, backlog of mail: IRS plan for government shutdown

The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts on taxpayers.

FinCEN proposes BOI reports deadline extension for certain companies

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

Special per diem rate for business travel rises

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

IRS developing contingency plan as government shutdown looms

Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.

ERC abuse brings renewed push for regulation of paid tax preparers

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

IRS to set up new work unit to focus on complex passthrough entities

IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”

FinCEN posts guide to help small businesses with BOI reporting

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say

Attorneys and a former IRS commissioner say the employment retention credit started as a benefit for small business in the pandemic but has morphed into one that allows ERC mills to take advantage of taxpayers.

Remembering the mentorship and impact of Sidney Kess

Kess, who died at age 97, was “a friend to everybody” – and a strong proponent of sharing knowledge with others.

Moratorium imposed on new ERC claim processing to curb abuse

The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.

Guidance issued on applicability and calculation of new corporate AMT

In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.

Long-awaited guidance provided for amortization of R&E expenditures

The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022.

IRS vows new enforcement efforts aided by AI

Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.

Guidance issued on consequences of certain state payments after 2022

The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23.