Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.
The IRS announced that it will issue proposed regulations providing some relief to brokers that are required to withhold on the transfer of an interest in a publicly traded partnership (PTP) if the PTP is a foreign-traded entity.
The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.