CPA Never under estimate the value
In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that, as of April, the IRS was taking over 22 months to resolve cases in its identity theft victim assistance unit, which had about 500,000 unresolved cases.
Source: JOA News
Read More here – ‘Unconscionable’ delays in ID theft cases mar IRS tax season: report
Organizations are encouraged to foster an inclusive work environment and create a culture of safety and belonging.
Source: JOA News
Read More here – 5 ways to support LGBTQ+ employees
The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Source: JOA News
Read More here – Final regs. issued on conservation easement deduction disallowance
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
Source: JOA News
Read More here – Supreme Court decision on Chevron doctrine will affect tax pros
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.
Source: JOA News
Read More here – FASAB offers new guidance on seized and forfeited digital assets
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
Source: JOA News
Read More here – Exceptions to penalty on early retirement plan distributions outlined
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Source: JOA News
Read More here – IRS: Review of 1 million ERC claims reveals most show signs of risk
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
Source: JOA News
Read More here – Supreme Court issues narrow opinion upholding Sec. 965 transition tax
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.
Source: JOA News
Read More here – Regs. cover green energy incentive wage and apprenticeship requirements
The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.
Source: JOA News
Read More here – TQA addresses related-party disclosure requirements
