Alan Lasko & Associates

https://www.bloomberg.com/news/articles/2022-08-22/the-irs-getting-87-000-agents-won-t-mean-more-audits-now

#2022

The $80 Billion IRS Infusion Means More Audits—in 2026 or 2027 The agency’s new funding will help fight tax cheats, but it may not be enough to repair the damage from years of Republican budget cuts.

https://www.nytimes.com/2022/08/16/business/biden-climate-tax-inflation-reduction.html

#2022

Biden Signs Expansive Health, Climate and Tax Law The president returned briefly from vacation to sign a bill that passed the House and Senate on party lines after more than a year of fraught negotiations.

https://www.accountingtoday.com/articles/trump-organization-cfo-tax-fraud-trial-to-begin-oct-24

#2022

Trump Organization, CFO tax-fraud trial to begin Oct. 24 The defendants argued that state prosecutors had no authority to bring charges for alleged avoidance of federal income tax and suggested that some of the perks could be characterized as "gifts."

https://www.accountingtoday.com/news/irs-expands-crypto-question-on-draft-version-of-1040

#2022

IRS expands crypto question on draft version of 1040 The wording has changed from "virtual currencies" to "digital assets" in general, and there are other changes too.

https://www.journalofaccountancy.com/issues/2022/aug/irs-agent-copy-llc-return-constitutes-filing.html

#2022

IRS agent’s receipt of a copy of an LLC’s return constitutes its filing, Ninth Circuit holds If a delinquent return is submitted to and received by an authorized IRS official requesting it, the return need not be sent to an IRS service center to be considered filed, the appellate court stated.

https://www.accounting.com/resources/accounting-basics-small-business/

#2022

Accounting for Small Businesses - Accounting.com From accounting software to bookkeepers, there are many ways to track your company's financials. Explore which is best for you.

https://www.journalofaccountancy.com/news/2022/jun/tax-avoidance-schemes-round-out-dirty-dozen.html

#2022

Tax-avoidance schemes round out ‘Dirty Dozen’ The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.

https://www.journalofaccountancy.com/issues/2022/jul/tax-debt-from-late-return-held-discharged.html

#2022

Tax debt from late return is held discharged A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.

https://www.journalofaccountancy.com/news/2022/jul/estates-now-request-late-portability-election-relief-5-years.html

Estates can now request late portability election relief for 5 years The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

https://www.thetaxadviser.com/news/2022/jun/regs-proposed-present-value-estate-deductions.html

Regs. proposed for present value of estate deductions Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.

https://www.thetaxadviser.com/news/2022/jun/irs-extends-e-filing-1040-series-amended-returns.html

IRS extends e-filing to more 1040-series amended returns Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.

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