The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.
National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of third-party scanning for certain 2022 returns.
Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.
The bill now goes to President Joe Biden, who has said he will sign it into law.
The bill’s semiconductor production incentives would include a new 25% investment credit.
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.
The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.
The U.S. GOA recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.