With the IRS poised to receive a legislative windfall of $80 billion over the next 10 years, the IRS’ directive is clear: audit higher-income taxpayers only. In an August 10, 2022 letter to IRS Commissioner Charles Rettig,...
Category: Blog
The IRS has seemingly endless curiosity when it comes to cryptocurrency and other digital assets. For tax year 2022, the IRS seeks to expand Form 1040 reporting to require disclosure of all inward and outward transfers of...
AICPA Makes Recommendations to the IRS About Transparency, Communications and Backlog
July 28, 2022
By Joel N. Crouch, Blog
My colleague, Michael Villa, wrote a blog post last month about issues with contacting the IRS, which most tax practitioners and many taxpayers have been dealing with for the last couple of years as the IRS tries to recover...
On Friday, July 8, 2022, the IRS released Revenue Procedure 2022-32, which supersedes Revenue Procedure 2017-34 and extends the period of time certain estates have to make a “portability” election under IRC §...
Thinking of Calling the IRS? Good Luck.
June 27, 2022
The National Taxpayer Advocate Service (TAS) recently issued its annual report to Congress. One of the more troubling findings in the report was that during the 2022 filing season, the IRS received 73 million calls and only...