The Internal Revenue Service has been hard at work these last few weeks on issues ranging from streamlining reporting requirements for renewable-energy tax credits to finalizing rules on stock-repurchase taxes and crypto transactions. But accountants and tax professionals are keeping their eye on the
The
Jonathan Traub, Washington national tax leader and managing principal at Deloitte Tax LLP, told Accounting Today this month that both the TCJA and external provisions such as the New Markets Tax Credit and premium credits for Affordable Care Act beneficiaries would
"It just has to be," Traub said. "It's going to start out with a debate on the debt ceiling, which will set the tone for thoughts around the appetite of the new Congress, whoever the president is, to tolerate additional deficit spending or deficit-financed tax cuts, or whether they will tolerate them at all or not."
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The Democratic party's platform is set to be released during the convention in August. In the meantime, experts are looking back at
Harris has historically focused on providing tax relief to those in the sub-$100,000 per year income bracket, as seen through the
Other measures included a proposed bill known as the
"Ultimately, Senator Harris's rent relief bill would fail to address the root causes of the high cost of housing. … Instead, it would wind up benefiting landlords, not significantly improving the lives of renters and carrying a hefty price tag,"
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For now, accountants and tax experts are accommodating new reporting requirements from the IRS for segments such as renewable energy, cryptocurrencies, corporate stock repurchases and more.
Read more about the agency's recent changes and how different forms are changing in the coming months.
IRS introduces condensed reporting for renewable energy tax credits
To help hasten the reporting process for renewable energy and electricity tax credits, the Internal Revenue Service's Large Business and International Division is changing up its filing standards for Forms 3468 and 8835.
If a taxpayer has more than 200 of either Forms 3468 for the investment credits or Forms 8835 for the Renewable Energy Production Credit, they can instead file a single instance of each form with the aggregated credit tally. The filing must have an attached PDF file recording all the necessary information of each facility or property being reported.
This change is in effect for the 2023 tax year.
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Regulations on corporate stock repurchase tax reach the finish line
The IRS, in conjunction with the Treasury Department, published a
Accounting Today's
The IRS's final rule requires that tax to be reported on
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Rules on selling, exchanging crypto finalized by IRS
Brokers handling the possession of digital assets for their clients in specific sale or exchange transactions will see changes in reporting requirements under
The Form 1099-DA, which the IRS
Eligible parties include providers of custodial digital-asset trading platforms and digital-asset kiosks, as well as specified digital-asset hosted wallet providers and processors of digital-asset payments.
"Because of the bipartisan Infrastructure Investment and Jobs Act, investors in digital assets and the IRS will have better access to the documentation they need to easily file and review tax returns," said Treasury acting assistant secretary for tax policy Aviva Aron-Dine in a statement. "By implementing the law's reporting requirements, these final regulations will help taxpayers more easily pay taxes owed under current law, while reducing tax evasion by wealthy investors."
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IRS provides guidance on emergency retirement plan withdrawals
Victims of domestic abuse or others with emergency personal expenses can now withdraw from eligible retirement plans, per new guidance from the IRS.
Distributions can be received within a one-year time frame that begins on the date when a taxpayer suffered an instance of domestic abuse
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IRS previews revised Research Credit form
The IRS
The agency has worked to stem instances of fraudulent R&D tax credit claims by increasing its documentation requirements for roughly three years, but was
In the preview of the revised draft of Form 6765, questions were shifted around, novel questions were added and a new Business Component Detail section was created to account for quantitative and qualitative details of each component. Qualified small-business taxpayers as well as those with both total qualified research expenditures of $1.5 million or less and $50 million or less of gross receipts can opt out of the aforementioned section.
The IRS said the final Form 6765 would be released at a later date, but did not provide any more specific information about its timeline.
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