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Lookback period extended for refunds related to pandemic postponements

March 31, 2023March 1, 2023

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 …

Supreme Court holds FBAR penalty is imposed per report, not per account

March 31, 2023February 28, 2023

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.

District Court holds IRS owes tax preparers partial refund of PTIN fees

March 31, 2023February 27, 2023

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 disaster areas of 3 states have until Oct. 16 to file returns

March 31, 2023February 24, 2023

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.

Final regs. expand company e-filing requirements

March 31, 2023February 22, 2023

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.

AICPA recommends 12 digital asset FAQs for IRS to post online

March 30, 2023February 21, 2023

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.

Taxpayers can now submit information online in response to 9 IRS notices

March 26, 2023February 17, 2023

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.

IRS misses Friday deadline to turn over $80 billion spending plan

March 20, 2023February 17, 2023

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.”

AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code

March 16, 2023February 15, 2023

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.

Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback

March 12, 2023February 13, 2023

The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.

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