The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.
In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds.
The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.