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  • IRS increases mileage rate for remainder of 2022

    June 13, 2022

    IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

  • Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

    June 10, 2022

    A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC). On May 8, the United States announced expanded sanctions against Russia in response to the war in Ukraine. Those sanctions prohibited "U.S. persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation," according to a White House statement. Practitioners had questions about the sanctions' applying to various types of services, including tax-related services, and some clarity has been provided by an update to frequently asked questions (FAQs) posted by OFAC.

  • Schedules K-2 and K-3 e-file capability postponed for S corporations

    May 12, 2022

    The IRS has delayed by more than a month the rollout of an electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, filed by S corporations.

  • Arkansas DFA Addresses Corporate Tax Reporting Issues

    March 8, 2022

    A letter on March 8, 2022, from the Arkansas Department of Finance and Administration Corporate Tax Section regarding errors that are occurring on apportioned business income tax returns recently filed for corporations and partnerships.

  • IRS offers further K-2/K-3 relief

    February 25, 2022

  • IRS continues work to help taxpayers; suspends mailing of additional letters

    February 10, 2022

    IR-2022-31, Feb. 9, 2022 WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return. These mailings include balance due notices and unfiled tax return notices. The IRS entered this filing season with several million original and amended returns filed by individuals and businesses that have not been processed due to challenges of the historic pandemic and is taking this step to help avoid confusion for taxpayers and tax professionals.

  • AICPA Comments on Recent IRS Statement: ‘We Believe That There Is More They Can Do’

    January 27, 2022

    Following calls by the Tax Professionals United for Taxpayer Relief Coalition, and members of both the Senate and the House for the Internal Revenue Service (IRS) to provide meaningful relief to taxpayers ahead of this tax filing season, the IRS announced today its intention to stop some notices to taxpayers as they increase resources to process backlogged files

  • Taxpayer Advocate Coalition Releases Statement on IRS Actions Offering Limited Taxpayer Relief

    January 27, 2022

    The Tax Professionals United for Taxpayer Relief coalition have released a statement in response to recent actions by the Internal Revenue Service (IRS) to suspend “some notices to taxpayers” for the upcoming tax filing season.

  • AR DFA Provides Corporate Tax Law Changes for 2021

    January 12, 2022

  • 2022 tax filing season begins Jan. 24

    January 11, 2022

    2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline