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tax Advice Archive

AICPA testifies to Congress on IRS service problems

TweetShareSharePin0 Shares There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts recommended taxpayer relief measures, Jan F. Lewis, CPA, the chair of the AICPA’s Tax Executive Committee, told the U.S. Senate Committee on Finance in a hearing Thursday. Lewis, who is also a tax

Tax pros are subject of ‘spearphishing’ attacks

TweetShareSharePin0 Shares News PRACTICE & PROCEDURES By Paul Bonner Identity thieves are targeting tax professionals with “spearphishing” emails masquerading as coming from the IRS or tax return preparation software providers, the Service advised in a news release Wednesday. A recent such ploy features the IRS logo, with a subject line such as “Action Required:

District Court in Rewwer Holds Improperly-Signed Timely Forms 843 Can be Informal Refund Claims

TweetShareSharePin0 Shares The recent decision in Rewwer v. United States, 1:20cv495 (S.D. Ohio 2022) regarding a misfiled refund claim later corrected reaches the opposite conclusion from the Court of Federal Claims’ recent decision in Dixon v. United States, (Ct. Fed. Cl. 2022) (Dixon 2) (blogged here) and contradicts the decision in Fulham v. United States,

IRS offers further K-2/K-3 relief

TweetShareSharePin0 Shares The IRS provided transition relief Wednesday under which eligible passthrough entities will not have to file new Schedules K-2 and K-3 for tax year 2021. The relief is outlined in News Release IR-2022-38 and frequently asked questions on the IRS website (“Schedules K2 and K3 Frequently Asked Questions” — see FAQ 15). Affected

Revised voluntary disclosure form highlights cryptoassets

TweetShareSharePin0 Shares An expanded reporting section and detailed instructions for reporting virtual currency are among the changes in a revised version of Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the IRS released Tuesday. Taxpayers file the form to make a preclearance request for the IRS to determine their eligibility to use the voluntary

The Train Tracks

TweetShareSharePin0 Shares My three-year old grandson Sam is enamored with trains and train tracks.  He loves to lay out the tracks and run Thomas and Thomas’ friends along the tracks.  Unfortunately for Sam, his 14-month old sister has now learned to walk.  She wants to do whatever Sam is doing, which includes playing with the
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