Guidance provided for electronic filing exemptions and waivers
In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements. Read More
Location of millions of tax records uncertain, TIGTA says in IRS critique
A potential fraud issue exists because the IRS does not know the location of microfilm cartridges holding millions of business and individual tax records, a new TIGTA report shows. Read More
Future C-suite leaders banking on continued hybrid work model
In a survey of manager-level professionals at financial services institutions, 66% said they likely would leave their current roles if required to return fully to the office. At the same time, the large majority see value in some in-office work hours. Read More
Being philanthropic with a noncharitable trust
Getting funds out of an irrevocable family trust for charity is often difficult, and new trusts should be designed with greater flexibility, according to two experts. Read More
IRS issues guidance on requirements for home energy audits
The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued. Read More
Proposed regulations update, revise consolidated return regulations
New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references. Read More
Program to ease path to CPA licensure partners with Tulane University
Tulane’s School of Professional Advancement will provide a library of online courses for the first class of accounting graduates completing their 150-credit-hour requirement while earning a paycheck via the AICPA and NASBA’s Experience, Learn & Earn program. Read More
Prop. regs. identify monetized installment sales as listed transactions
The IRS disagrees with court decisions requiring notice-and-comment rulemaking to identify listed transactions, but said it is identifying monetized installment sales transactions as listed transactions in proposed regulations “to avoid confusion and ensure consistent enforcement of the tax laws throughout the nation to prevent disruption [...]
2024 filing season could be paperless, IRS says
Treasury and the IRS announced Wednesday that by filing season 2024, taxpayers will be able to go paperless if they choose to do so. And by filing season 2025, the IRS will digitize all paper-filed returns when they are received. Read More
Proof-of-stake validation rewards are income in tax year received
The IRS ruled that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received. Read More
FASB proposes improvements to income statement expenses
FASB is seeking comments on a proposed Accounting Standards Update that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses. Read More
2023 tax software survey
CPAs assess how their return preparation products performed. Read More
