The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.
In determining the beginning of the lookback period for refund claims for returns with due dates postponed by Notice 2021-21 or Notice 2020-23, the IRS will disregard the periods from April 15, 2020, to July 15, 2020, and from April 15, 2021, to May 17, 2021. This change will align the lookback periods with the postponed return filing due dates.
The Supreme Court held that the $10,000 maximum penalty for the nonwillful failure to file a compliant report applies on a per-report, not a per-account, basis.
A district court held that the PTIN fees charged by the IRS from 2011 to 2017 were excessive and ordered the IRS to determine an appropriate partial refund of the fees.
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
The change could help over 500,000 filers annually who receive these notices, including those who receive credits such as the child tax credit, the IRS said.
Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”
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.