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IRS To Resume Collections Notices Soon
WASHINGTON—The Internal Revenue Service will be resuming issuing collections notices to taxpayers that were previously suspending during the COVID-19 pandemic, although a date on when they will...

Werfel Says 2018 Is Benchmark Year for Audit Rates
The Internal Revenue Service will use 2018 as the benchmark year for determining audit rates as it plans to increase enforcement for those individuals and businesses making more than $400,000 ...

Delinquent Taxpayer Not Required to Have Legal Interest in Records Summoned by IRS, H.K. Polselli, SCt, 2023-1 USTC ¶50,179
The Supreme Court has held that the exception to the notice requirement in Code Sec. 7609(c)(2)(D)(i) does not apply where a delinquent taxpayer has a legal interest in accounts or records s...

IRS Describes Proposed Regs for Domestic Content Bonus Credit Component of Several Energy Credits, Notice 2023-38; IR-2023-102
An IRS notice provides interim guidance describing rules that the IRS intends to include in proposed regulations regarding the domestic content bonus credit requirements for:...

Electronically Filed Tax Court Petition Was Late Due to Time Zone Difference, R.A. Nutt, 160 TC —, No. 10, Dec. 62,205
A married couple’s petition for redetermination of an income tax deficiency was untimely where they electronically filed their petition from the central time zone but after the due dat...

Werfel To Address Racial Disparities in Audits
Internal Revenue Service Commissioner Daniel Werfel said changes are coming to address racial disparities among those who get audited annually....

AICPA Supports Digital Mailbox Legislation
The American Institute of CPAs expressed support for legislation pending in the Senate that would redefine when electronic payments to the Internal Revenue Service are considered timely....

IRA Strategic Operating Plan A Living Document-Official
WASHINGTON—The Inflation Reduction Act Strategic Operating Plan was designed to be a living document, an Internal Revenue Service official said. The plan, which outlines how the IRS plans t...

IRS Invites Public Feedback on Nationwide Access to Appeals, IR-2023-101
The IRS Independent Office of Appeals, in coordination with the National Taxpayer Advocate, has invited public feedback on how it can improve conference options for taxpayers and representatives...

Taxpayers May Receive Form 1099-K for Transactions Above $600, IR-2022-189
The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment car...

Treasury Outlines Path to Equitable Clean Energy Economy
The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy....

IRS Criminal Investigation Releases Annual Report, IR-2022-194
The IRS-Criminal Investigation (IRS-CI) has released its Fiscal Year 2022 Annual Report. The report details statistics, important partnerships and significant criminal enforcement actions from IRS-CI,...

2023 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts Released, IR-2022-182; Rev. Proc. 2022-38
The IRS has released the annual inflation adjustments for 2023 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year ...

2023 Inflation Adjustments for Pension Plans, Retirement Accounts Released, Notice 2022-55; IR-2022-188
The 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limi...

Social Security Wage Cap and Benefit Amounts Increase for 2023, Social Security Fact Sheet: 2023 Social Security Changes
For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustme...

2022/2023 TAX PLANNING RESOURCES NOW AVAILABLE HERE

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