IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress.
In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate.
IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed.
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021.
The IRS instructions say that all corporations must file Form 4626, unless they fall under one of four exclusions, to determine whether they are an applicable corporation, and, if so, to calculate the tax.
The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.