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October 2022 Newsletter

Brian Whelan discusses, “President Biden Signs Inflation Reduction Act into Law”.Annemarie Aguanno takes a look at, “IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022”.Tracy Tasch examines, “IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022Help Payers Correct Backup Withholding Errors”

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IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113

The IRS began its “Dirty Dozen” list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement […]

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IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022, IR-2022-100; IR-2022-101; IR-2022-103; IR-2022-104

During the National Small Business Week, May 1 to 7, the IRS highlighted tax benefits and resources tied to the theme for this year’s celebration: ” Building a Better America through Entrepreneurship.”.The IRS urged business taxpayers to take advantage of tax benefits for 2022, make estimated tax payments electronically, e-file payroll tax returns, and check […]

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President Biden Signs Inflation Reduction Act Into Law

President Biden, on August 16, 2022, signed the Inflation Reduction Act ( P.L. 117-169) into law following its passage along party lines in both chambers of Congress. The law is a slimmed down version of the Build Back Better Act that passed the House in 2021 but failed to even come up for a vote […]

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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 […]

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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. […]

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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 […]

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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 […]

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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 […]

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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 […]

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