February 16, 2022
Andrew Presti
Blog Posts
0 CommentsIRS 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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February 16, 2022Salvatore RussoBlog Posts0 Comments2022 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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February 16, 2022Lisa VarelaBlog Posts0 CommentsIRS 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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February 16, 2022Elias KoumniotesBlog Posts0 CommentsState 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 […]
Read moreFebruary 16, 2022Lisa VarelaBlog Posts0 CommentsNational 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 […]
Read moreFebruary 16, 2022Lisa VarelaBlog Posts0 CommentsConservation 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 […]
Read moreFebruary 16, 2022Lisa VarelaBlog Posts0 CommentsLow-Income Housing Credit Deadlines Extended Notice 2022-5 The IRS extended several deadlines related to the low-income housing credit, in response to the continuing coronavirus (COVID-19) pandemic and precautions necessitated by new disease variants. The extensions generally apply to deadlines that occur between April 1, 2020, and December 31, 2022, for the: 10-percent test for carryover […]
Read moreFebruary 16, 2022Lisa VarelaBlog Posts0 CommentsFinal Regulations Address Foreign Tax Credit Issues The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or claim a deduction for foreign derived intangible income (FDII). The regulations finalize 2020 proposed regulations (REG-101657-20) and address: the disallowance of a foreign tax credit or deduction for […]
Read moreFebruary 16, 2022Lisa VarelaBlog Posts0 CommentsABA Section Calls For Research Credit Refund Claim Regs The American Bar Association’s Section of Taxation is asking the Internal Revenue Service to issue regulations related to the filing of a research credit refund claim. In a January 6 letter to the agency, the Section suggested that an October 15, 2021, memorandum providing specific instructions […]
Read moreFebruary 15, 2022Lisa VarelaBlog Posts0 CommentsPandemic Highlights IRS’ Underfunding Issues Two recent reports, one from the Internal Revenue Service and the other from the National Taxpayer Advocate, show how the ongoing pandemic exposed the effects of being an underfunded agency. The IRS in its recently issued Progress Update report for fiscal year 2021, highlights some of those issues caused by the pandemic […]
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