IRS News
When IRS Taxes “Loans” As Income
Loans are not income, but in Novoselsky, a lawyer was taxed on loans that the IRS recharacterized. The IRS said they were not loans and instead were taxable as income. The Tax Court agreed with the IRS, causing concerns in the litigation funding industry.
forbes.com
Scam risks remain during pandemic; Security Summit focuses special week on taxpayer, tax professional protection against identity theft | Internal Revenue Service
With the 2022 tax season and the holidays rapidly approaching, the Internal Revenue Service, state tax agencies and the nation's tax industry today announced a special week focusing attention on taxpayers protecting sensitive financial information against identity thieves.
irs.gov
Child Tax Credit payments: IRS online portal now available in Spanish; Nov. 29 is last day for families to opt out or make other changes | Internal Revenue Service
The Internal Revenue Service this week launched a new Spanish-language version of the Child Tax Credit Update Portal (CTC-UP).
irs.gov
IRS official: New R&D credit documentation applies to amended returns
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
journalofaccountancy.com
Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
journalofaccountancy.com
NTA Blog: IRS Delays in Processing Amended Tax Returns Are Impacting TAS’s Ability to Assist Taxpayers - Taxpayer Advocate Service
As of October 30, 2021, the IRS had a backlog of over 2.7 million unprocessed amended returns. The IRS is processing these returns in the order received, and the current processing time posted on its operational page is more than 20 weeks. Our cases indicate that the processing time is considerably longer than 20 weeks, and as such, I have made the difficult decision to suspend accepting cases where the sole issue involves the processing of amended returns until the IRS is able to work through its backlog. We are also analyzing the upcoming filing season and expect to issue revised guidance for original filed returns.
irs.gov
News
House passes Build Back Better Act with universal paid leave
The US House of Representatives passed a nearly $2 trillion spending bill Friday that includes a number of provisions of note for CPAs.
journalofaccountancy.com
Further guidance issued on tax treatment of PPP loan forgiveness
Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
journalofaccountancy.com
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