Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32

The IRS has updated its simplified procedure for estates requesting an extension of time to make a portability election under Code Sec. 2010(c)(5)(A). The updated procedure replaces that provided in Rev. Proc. 2017-34. If the portability election is made, a decedent’s unused exclusion amount (the deceased spousal unused exclusion (DSUE) amount) is available to a […]

Qualified Derivative Payment Reporting Under BEAT Rules Deferred Until 2025, Notice 2022-30

The IRS intends to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Secs. 59A and 6038A to defer the applicability date of the reporting of qualified derivative payments (QDPs) until tax years beginning on or after January 1, 2025. Background Final BEAT regulations adopted with T.D. 9885 include rules under Code Secs. […]

IRS Whistleblower Office Director Discusses Significance of Whistleblower Information in Identifying Noncompliance

John Hinman, Director, IRS Whistleblower Office highlighted the importance of whistleblower information in identifying noncompliance and reducing the tax gap in an executive column published by the IRS. Each year, the IRS receives thousands of award claims from individuals who identify taxpayers who may not be abiding by U.S. tax laws. The IRS Whistleblower Office […]

Senate Dems Call For Filing Extension Due to ITIN Processing Delays

A group of Senate Democrats is calling on the IRS to extend the filing deadline for those unable to file for and receive the advanced child tax credit (CTC) due to the processing backlog of individual taxpayer identification number (ITIN) applications. In a July 14, 2022, letter to Treasury Secretary Janet Yellen and IRS Commissioner […]

IRS Helps Taxpayers Understand How and Why Agency Representatives May Reach Out, FS-2022-33

The IRS has released a Fact Sheet to help taxpayers understand how and why agency representatives may contact them and how to identify them and avoid scams. Generally, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the situation, IRS employees may first call or visit […]

AICPA Offers Recommendations on Required Minimum Distribution Proposal

The American Institute of CPAs offered the Internal Revenue Service a series of recommendations related to proposed regulations for required minimum distributions from individual retirement accounts. The July 1, 2022, comment letter to the agency covered two specific areas: minimum distribution requirements for designated beneficiaries when death of the employee or IRA owner occurs after […]

GAO Issues Report on Stimulus Checks During COVID-19 Pandemic, GAO Report: Stimulus Checks–Direct Payments to Individuals during the COVID-19 Pandemic (GAO-22-106044)

The Government Accountability Office (GAO) issued a report on stimulus checks during the Coronavirus 2019 (COVID-19) pandemic. From April 2020 to December 2021, the federal government made direct payments to taxpayers totaling $931 billion to address pandemic-related financial stress. Report Findings Some eligible taxpayers never received payments. Eligible taxpayers can still claim their payments through […]

OECD Delays Pillar One of International Tax Reform to Mid-2023

The Organisation for Economic Co-operations and Development (OECD) is delaying the implementation of Pillar One of the landmark agreement on international tax reform. A new Progress Report on Pillar One, which includes “a comprehensive draft of the technical model rules to implement a new taxing right that will allow market jurisdictions to tax profits from […]

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. […]

IRS Announces that it will be Sending Out Information Letters

January 3, 2022 Dear Clients, Colleagues and Friends, The Internal Revenue Service will be sending information letters to recipients of Advance Child Tax Credit Payments and third Economic Impact Payments that were paid during 2021. Taxpayers who received these payments will need the information provided on these letters to prepare their 2021 individual income tax […]

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Author Archive for Andrew Presti

Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32

Qualified Derivative Payment Reporting Under BEAT Rules Deferred Until 2025, Notice 2022-30

IRS Whistleblower Office Director Discusses Significance of Whistleblower Information in Identifying Noncompliance

Senate Dems Call For Filing Extension Due to ITIN Processing Delays

IRS Helps Taxpayers Understand How and Why Agency Representatives May Reach Out, FS-2022-33

AICPA Offers Recommendations on Required Minimum Distribution Proposal

GAO Issues Report on Stimulus Checks During COVID-19 Pandemic, GAO Report: Stimulus Checks–Direct Payments to Individuals during the COVID-19 Pandemic (GAO-22-106044)

OECD Delays Pillar One of International Tax Reform to Mid-2023

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

IRS Announces that it will be Sending Out Information Letters

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