News

2023-03-15 Notice 2023-23 provides guidance to financial institutions on reporting required minimum distributions (RMDs) for 2023 after the amendment to Code Sec. 401(a)(9) made by the “SECURE 2.0 Act of 2022” (SECURE 2.0 Act), P. L. 117-328, enacted on December 29, 2022. See IRS FAQ page. Division T included a number of retirement savings provisions. Section 107 amended section 401(a)(9)(C) of the Code to delay the required beginning date applicable…

2023-03-07 IR-2023-29, Feb. 16, 2023 WASHINGTON — The Internal Revenue Service announced today that taxpayers who receive certain notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov. This new secure step will allow taxpayers or their tax professional to electronically upload documents rather than mailing them in, helping reduce time and effort resolving tax issues. In this stage of…

2023-03-02 IRS information to help all business travelers properly claim travel expense tax write-offs. Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. A taxpayer is traveling away from home if they are away for longer than an ordinary day's work and they need to sleep to meet the demands of their work while away. Travel expenses must be ordinary and necessary,…

2023-01-13 The IRS website notes that as of December 9, 2022, it had 2.5 million individual returns received during the 2022 calendar year that are still unprocessed, including returns from 2021 tand late returns filed from previous years. An estimated one million of these returns are paper returns that are awaiting review and processing. The IRS backlog reported there were about 7.6 million unprocessed individual returns along with nearly 6.7…

2022-10-26 An early draft of the 2022 IRS tax form grouped cryptocurrencies, stablecoins and nonfungible tokens under a new “Digital Asset” category. For more information go to IRS.gov/virtualcurrencyfaqs Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. E.g., digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. If a particular asset has the…

2022-10-05 The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the beneficial ownership information reporting provisions under the Corporate Transparency Act (CTA) enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (P.L. 116-283). The final rule sets an effective date of January 1, 2024. Few jurisdictions in the United States require legal entities to disclose information about the individuals who actually own or control…

2022-10-05 IR-2022-170, Oct. 4, 2022 The revised initial contact letter sent for most cases received in Appeals will clarify that taxpayers and representatives can generally choose how they meet with Appeals through conferences that can be held by telephone, video or in-person. Appeals can also work with taxpayers and representatives through the mail or secure electronic messaging. Appeals employees can successfully resolve disputes in every type of conference and the…

2022-10-02 The current guidance provides that offers submitted where IRS does not indicate a required return has been received will be deemed not processable. The IRS issued temporary guidance for Specialty Collection Offer in Compromise (SCOIC), when a 2020 or 2021 IMF tax return has not been processed due to a revised processing schedule as a result of the COVID-19 pandemic. Under the new guidance, the IRS will not return…

2022-09-22 The IRS's Alternative Media Center offers a variety of resources and accessibility services for visually impaired taxpayers. Tax-related content is available in several formats for use with assistive technology. This includes screen reading software, refreshable Braille displays and screen magnifying software. People can view and download hundreds of tax forms and publications in alternative formats, many of which are available in Spanish, including: Text-onlyBraille ready filesBrowser-friendly HTMLAccessible PDFLarge print…

2022-08-26 Notice 2022-36, Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020 The IRS will not impose the penalties listed in the notice for specified taxable years 2019 and 2020 tax returns filed on or before September 30, 2022. The penalties listed in the notice will be automatically abated, refunded, or credited, as appropriate without any need for taxpayers to request this relief. The following penalties…