Corporate Alternative Minimum Tax Depreciation Guidance Is Limited, Tax Pro Says
Preliminary guidance on the corporate alternative minimum tax (CAMT) released by the IRS late December does not go far enough …
CPAs Promote Simplicity, Fairness in 2023 Tax Proposals
The American Institute of Certified Public Accountants (AICPA) on February 7 released its compendium of tax legislative proposals for 2023, spanning …
New Service Industry Tip Reporting Program Proposed
The IRS has issued a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program. SITCA …
House Democrats Call for Probe into Disclosure of Taxpayer Information to Facebook
A group of House Democrats are calling for an investigation into major online tax filing companies over their disclosure of …
Former Taxpayer Advocate: IRS Reform Should Not Be Done ‘in a Vacuum’
Transformation at the IRS, propelled by the $80 billion appropriation from the Inflation Reduction Act (PL 117-169), should involve more …
CRS: Stock Buyback Issues Still Need IRS Clarification
According to Congressional Research Service (CRS) report R47397 issued January 25, a few repurchase issues with regards to the recently-enacted 1% excise tax …
NTU to Prioritize TCJA Fixes, Clawing Back IRS Enforcement Funds, Director Says
The 2023 policy agenda of the National Taxpayers Union includes working with both parties in Congress to pass bipartisan revisions …
Treasury Officials Tease Upcoming OECD Pillar Two Guidance
The Organization for Economic Co-operation Development (OECD) is working with the U.S. to release guidance on its global minimum tax …
Ways and Means Chairman Plans Aggressive IRS Oversight, Implements Direct Online Committee Portal for Agency Whistleblowers
The House Ways and Means Committee has established an online form to assist IRS personnel who wish to submit information confidentially to …
Client Update: How to Treat Tips for Tax Purposes
Individuals who perform services in certain industries receive tips as part of their compensation for the services they provide. Businesses …