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New guidance on required minimum distributions reporting provides relief for financial institutions that due to a change to the RMD start date rules made by the SECURE 2.0 Act, may have incorrectly provided RMD statements to IRA owners who turn 72 in 2023.
Source: Tax News
Read More here – IRS clarifies required minimum distribution reporting
New guidance on required minimum distributions reporting provides relief for financial institutions that due to a change to the RMD start date rules made by the SECURE 2.0 Act, may have incorrectly provided RMD statements to IRA owners who turn 72 in 2023.
Source: JOA News
Read More here – IRS clarifies required minimum distribution reporting
The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.
Source: JOA News
Read More here – New standard provides risk-based approach to group audits
A provision in the SECURE 2.0 Act enables greater flexibility in saving for children’s education while also helping 529 plan beneficiaries to get a jump-start on retirement savings.
Source: JOA News
Read More here – Saving for college: The new 529-to-Roth IRA transfer rule
The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.
Source: Tax News
Read More here – In-person IRS tax forums scheduled for first time since pandemic start
The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.
Source: JOA News
Read More here – In-person IRS tax forums scheduled for first time since pandemic start
Find out the types of unclaimed property notices companies receive and best practices on handling them.
Source: JOA News
Read More here – How to handle state unclaimed property notices
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.
Source: Tax News
Read More here – Lookback period extended for refunds related to pandemic postponements
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.
Source: JOA News
Read More here – Lookback period extended for refunds related to pandemic postponements
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.
Source: Tax News
Read More here – Supreme Court holds FBAR penalty is imposed per report, not per account
