TAX NEWS
- Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.
- The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.
- The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.
- A Senate bill would bar states from imposing tax and withholding on out-of-state workers who work for no more than 30 days within its borders. An AICPA letter described the bill as “critically important.”
- In a letter to the IRS, the AICPA recommended changes to the final regulations for generation-skipping transfer (GST) exemption and certain GST elections that it said would make it easier and less expensive for taxpayers to file.
- The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.
- Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
- “I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.
- The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
- The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.
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