Final regulations require certain companies to e-file returns for tax years ending on or after Dec. 31, 2023, and lower the e-filing requirement threshold to 10 returns.
The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.
The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.
The IRS proposes a new voluntary program for service industry employers to track tips in an attempt to improve tip reporting compliance.
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.