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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�...

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 (QD...

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 ...

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...

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 writte...

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....

GAO Issues Report on Stimulus Checks During COVID-19 Pandemic, GAO Report: Stimulus Checks--Direct Payments to Individuals during the COVID-19 Pandemic (GAO-22-106044)
The Government Accountability Office (GAO) issued a report on stimulus checks during the Coronavirus 2019 (COVID-19) pandemic. From April 2020 to December 2021, the federal government made direct paym...

OECD Delays Pillar One of International Tax Reform to Mid-2023
The Organisation for Economic Co-operations and Development (OECD) is delaying the implementation of Pillar One of the landmark agreement on international tax reform....

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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