IRS Releases Draft Version of Tax Year 2022 Form 1040
The IRS has released a draft version of Form 1040 for the tax year 2022, along with drafts of related forms and schedules.
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Senate Passes Inflation Reduction Act
The U.S. Senate recently passed the $437 billion Inflation Reduction Act, a bill focusing on President Joe Biden’s domestic agenda items of tax, climate and health care.
View MoreIRS and Treasury Issue Final Regulations on Partnership Basis Elections
The IRS and the U.S. Treasury Department recently issued final regulations (T.D. 9963) stating that partnerships electing to adjust the basis of partnership property under Sec. 754 do not have to include a signature on their election statement.
View MoreTIGTA Report Addresses IRS Business Fraud Detection Efforts
The Treasury Inspector General for Tax Administration has recently released a report evaluating the IRS’ business identity theft and tax fraud detection efforts.
View MoreIRS Offers Kentucky Storm, Flooding Victims Tax Relief and Extends Deadlines
The IRS recently announced that storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments.
View MoreCongress Passes CHIPS and Science Act
The U.S. House of Representatives recently passed the Senate’s version of a bill known as the CHIPS and Science Act.
View MoreTIGTA Releases Report Assessing Child Tax Credit Online Portal
The Treasury Inspector General for Tax Administration released a new report assessing the capabilities of the IRS Child Tax Credit online portal that was launched for the expanded CTC implemented by the American Rescue Plan Act of 2021.
View MoreIRS Issues Statement on Joint Return Balance-due Notice Errors
The IRS recently released a statement acknowledging some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.
View MoreIRS Issues New Strategic Plan
The IRS recently released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.
View MoreEmployee Versus Independent Contractor
Traditionally, the classification of a worker as an employee versus an independent contractor has not been the focus of business management.
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