Final regs. issued for new, previously owned clean vehicle credits
The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content. Read More
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday. Read More
Automatic accounting method changes list updated by IRS
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant. Read More
Root cause analysis: Auditor tool gaining traction on multiple fronts
A new PCAOB report highlights how audit quality can be improved by root cause analysis — an approach the federal board eventually could require and one addressed in new AICPA quality management system standards. Read More
Forgoing marriage? Estate planning for unmarried couples
Unmarried, cohabiting couples experience the same joys and challenges as married couples but without marriage’s legal entanglement. The lack of legal standing, however, means estate planning requires more thought and action. Read More
Final regs. issued for clean energy credit transfers
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers. Read More
DOL finalizes broad ‘retirement security rule’
CPA financial planners need to be aware of the U.S. Department of Labor’s new rule, which is intended to protect retirement investors from receiving investment advice tainted by conflicts of interest. Read More
Draft of Form 1099-DA for reporting digital asset transactions released
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.” Read More
IRS has mixed results from ‘ghost employer’ enforcement efforts
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report. Read More
Updated FAQs provide details on timing of the phase in of BOI access
The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able [...]
CFO optimism reaches 3-year high, new survey shows
More than one-third of CFOs are very optimistic about the economy, according to a quarterly survey by Grant Thornton, and most finance leaders project growth in net profits over the next 12 months. Read More
IRS grants limited waiver for underpayment of estimated corporate AMT
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.” Read More
