The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
Tax professionals and taxpayers will have to create an account with a third-party provider ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.
Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.