IRS Issues Increased Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2022-17, issuing higher new depreciation limitations for passenger automobiles.
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IRS to Provide Relief to Qualifying Farmers and Fishermen Due to Technology Problems
The IRS recently issued Notice 2022-13, which provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen.
View MoreIRS Revises 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQs
The IRS recently updated its frequently asked questions on the 2021 Child Tax Credit and advance CTC payments.
View MoreIRS Proposes to Raise Fees for Enrolled Agents
The IRS recently posted proposed regulations to increase the enrollment and renewal user fees for enrolled agents.
View MoreIRS Updates FAQs on Tax Credits for Paid Leave
The IRS recently released two new sets of frequently asked questions and answers on the tax credits available for paid sick and family leave under the American Rescue Plan Act of 2021.
View MoreIRS Formally Establishes Taxpayer Experience Office
The IRS recently announced that it has formally established the first-ever Taxpayer Experience Office as part of a longer-term effort to improve taxpayer service.
View MoreIRS Issues New FAQs on 2021 Earned Income Tax Credit
The IRS recently issued frequently asked questions for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return.
View MoreTSCPA Advocates for Businesses and Practitioners on Schedules K-2, K-3
Today, the AICPA and 52 state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules K-2 and K-3 reporting.
View MoreIRS and Treasury Release Proposed Regulations for Required Minimum Distribution Rules
The IRS and Treasury recently released proposed regulations REG-105954-20 that would amend rules for required minimum distributions from qualified retirement plans and annuity contracts and related matters to conform with statutory changes.
View MoreInterest Rates Increase for the Second Quarter of 2022
The IRS recently announced that interest rates will increase for the calendar quarter beginning April 1, 2022.
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