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Tax Alerts

Tax Briefing(s)

2022 Tax Year-In-Review Consolidated Appropriations Act, 2023 Inflation Reduction Act of 2022, Signed Aug. 16

Factors to Consider When IRS Contacts Taxpayers, IR-2023-56
Taxpayers must keep some important factors in mind when the IRS may initiate direct contact with a them. The IRS provides many different payment options to help taxpayers meet their obligat...

IRS Requests Comments on Treating NFTs as Collectibles, Notice 2023-27
The IRS requested comments on its intention to treat certain nonfungible tokens (NFTs) as collectibles under Code Sec. 408(m). If an NFT is treated as a collectible, an IRA's acquisition o...

Copies of Exempt Organization Returns Now Available Online Instead of DVD
The IRS has revised the instructions on obtaining the copies of exempt organization returns. Under the new revision, taxpayers will not be able to obtain the copies of returns on DVD. Instead, ...

Changes to 2023 Forms 5500 Issued
The Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions revisions for the Form 5500 Annual Return...

Indexing Adjustments Provided for Employer Shared Responsibility Applicable Dollar Amounts, Rev. Proc. 2023-17
The IRS has provided indexing adjustments for the applicable dollar amounts under Code Sec. 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared respon...

IRS Announces Successful Expansion of Digital Scanning Initiative, IR-2023-41
The IRS has announced the successful expansion of the digital scanning initiative also known as Digital Intake. The Service has already scanned more than 120,000 paper Forms 940 since the s...

Population Figures Provided for Calculating Low-Income Housing Tax Credits, Notice 2023-22
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the prop...

IRS Addresses FAQs on Nutrition, Wellness and General Health, IR-2023-47
The IRS announced frequently asked questions (FAQs) that addressed whether certain costs related to nutrition, wellness and general health are medical expenses. These are expenses that may b...

IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)
The IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent residents who work in the United St...

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)
The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following are some steps that will make tax preparation smoother for taxpayers in 2023:Gather...

IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)
The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets"�...

IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)
The IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program offered to...

MT - Taxpayer engaged in writing activities for profit not subject to hobby loss rule
The Montana Tax Appeal Board (board) determined that the limitations on personal income tax deductions, or the "hobby loss rule," did not apply to a professional writer (taxpayer) because he was engag...

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