IRS Interest Rates Increase for the Third Quarter of 2022
The IRS recently issued Revenue Ruling 2022-11, announcing that interest rates will increase for the calendar quarter beginning July 1, 2022.
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IRS Asked to Start Collecting More Demographic Information
The IRS is being asked to provide more information about the race, ethnicity and sex of taxpayers but is facing legal restrictions, according to a report recently released by the Government Accountability Office.
View MoreIRS Destroyed 30 Million Paper Information Returns Due to Backlog
According to a recently released report by the Treasury Inspector General for Tax Administration, the IRS destroyed an estimated 30 million paper-filed information returns in March 2021 due to its inability to process its paper backlog.
View MoreTennessee Department of Revenue Issues Notice on Research and Development Expenditures
The Tennessee Department of Revenue recently issued Important Notice #22-03 regarding Tennessee’s decoupling from the federal research and development expenditure provision.
View MoreTennessee Department of Revenue to Make New Wholesaler/Retailer Certificate Available in 2023
The Tennessee Department of Revenue recently issued Important Notice #22-04 regarding the availability of business tax wholesaler/retailer certificates to taxpayers.
View MoreIRS to Migrate Online Services to Third-Party Provider
The IRS recently announced in an email to tax professionals that it plans to migrate online services to the third-party provider ID.me this summer.
View MoreHSA Amounts Increase for 2023
The IRS recently issued Rev. Proc. 2022-24, announcing that the maximum contribution to a health savings account and certain associated amounts will be higher in 2023 due to inflation-related adjustments.
View MoreSchedules K-2 and K-3 Electronic Filing Launch Postponed for S Corporations
The IRS has changed the launch date of its electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, from mid-June 2022 to July 24, 2022.
View MoreIRS Revises Tax Year 2021 Child Tax Credit FAQs
The IRS recently issued a revised set of frequently asked questions for tax year 2021 and filing season 2022 for the Child Tax Credit.
View MoreIRS Proposes Amendments to Estate and Gift Tax Basic Exclusion Regulations
The IRS recently issued proposed regulations (REG-118913-21) that would grant an exception to the special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount.
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