In the news.

AICPA member insurer clarifies coverage for BOI work by accountants

CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.

Read More

House OKs $78B tax bill with changes to ERC and child tax credits

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

Read More

Don’t wait on action on tax bill to file returns, IRS tells taxpayers

With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.

Read More

IRS to hold ERC education sessions for tax pros in February

The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.

Read More

Digital asset question added to more forms for 2023 tax returns

IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.

Read More

BOI reporting and unauthorized disclosure penalties increased

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

Read More

Simpler IRS notices are coming

The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume.

Read More

Reporting of digital assets as cash delayed until IRS issues regs.

In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold.

Read More

IRS enforcement efforts collect $520 million from wealthy taxpayers

IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress.

Read More

Taxpayer advocate: IRS again fails tax pros with PPS call answer rate

In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate.

Read More
BACK TO TOP