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Further Details Provided on Relief in Preparing Schedules K-2 and K-3

Further Details Provided on Relief in Preparing Schedules K-2 and K-3 The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the […]

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Treasury Secretary Yellen Promotes Corporate Minimum Tax

Treasury Secretary Yellen Promotes Corporate Minimum Tax A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the […]

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AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID

AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic. “During the pandemic, taxpayers […]

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February 2022 Newsletter

Andrew Presti takes a look at, “IRS Highlights Online Tools and Resources Ahead of Tax Filing Season.” Salvatore Russo examines, “2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released”. Elias Koumniotes discusses, “State and Local Fiscal Recovery Funds Program Final Rule Issued”.

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IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. […]

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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released

2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released The 2022 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 limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory […]

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IRS Highlights Special Charitable Tax Benefit

IRS Highlights Special Charitable Tax Benefit The IRS has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 income tax return. Accordingly, the Independent Sector and National Council of Nonprofits joined with the IRS to highlight this pandemic-related provision […]

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State And Local Fiscal Recovery Funds Program Final Rule Issued

State And Local Fiscal Recovery Funds Program Final Rule Issued The U.S. Department of the Treasury issued the final rule implementing the State and Local Fiscal Recovery Funds (SLFRF) Program. The program, created as part of the American Rescue Plan, provides $350 billion to state, local, and tribal governments to support their response to the […]

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National Taxpayer Advocate Delivers Annual Report to Congress

National Taxpayer Advocate Delivers Annual Report to Congress The National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called the calendar year 2021 the most challenging year taxpayers and tax professionals have ever experienced. The report states that tens of millions of taxpayers experienced delays in the processing […]

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Conservation Easement Extinguishment Proceeds Regulation Found Invalid

Conservation Easement Extinguishment Proceeds Regulation Found Invalid D.F. Hewitt, CA-11, 2022-1 ustc¶50,102 The IRS’s interpretation of Reg. §1.170A-14(g)(6)(ii), which disallows the subtraction of post-donation improvements to property on which a conservation easement exists in the event of a judicial extinguishment, was arbitrary and capricious because it violated the procedural requirements of the Administrative Procedures Act (APA). As a […]

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