Tax

Taxpayer notice of third-party contact shortened under proposed regs.

The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.

Plaintiffs: FinCEN should pause all CTA enforcement

The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.

What kind of deduction is a hobby expense?

In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous itemized deductions under Sec. 67(a).

Line items

ERC disallowance letters sent to 20K+ taxpayers ... Lower Form 1099-K threshold delayed again ... Prop. regs. issued on conservation easement deduction disallowance ... AICPA adopts revised tax standards ... Proposed crypto regs. define ‘broker’ too broadly, industry says ... Werfel: IRS must move quickly to show what a well-funded agency can do

IRS renews focus on targeting high-income nonfilers

IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.

Where to find March’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

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