The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments.
A monthly review of US international tax-related developments. In this edition:
US House Republicans pass debt ceiling, spending bill; impasse continues – IRS provides transition period for documentation requirements for FTC ‘single country exception’ – IRS updates crypto notice, virtual currency remains unavailable to generate FX gain or loss – IRS addresses micro-captive transactions as listed transactions – IRS releases general plan for spending $80 million over next 10 years – IRS interim guidance on APA submissions fundamentally changes early stages of process – US Tax Court rules IRS cannot assess penalties under Section 6038(b) for willfully failing to report foreign income.
Federal Tax Update Podcast Series
This week we look at:
- IRS email discusses issues that arise with payroll tax refunds when a PEO is involved who itself has unpaid tax liabilities
- Letter ruling provides that Forms 1099-C must be filed by a credit union due to writing off certain debts as part of a legal settlement
- IRS plans to add more detail to partnership K-1 liability disclosures on 2023 returns
Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, lawyers, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered.
Note: This episode originally aired May 19, 2022.
Automation tools increasingly used by seasoned tax professionals are helping to take some of the pain and manual labor out of routine compliance work.
That futuristic tech goes beyond robotics process automation and can link together the many programs and platforms that accountants rely on everyday. Those building blocks can automate every step in the tax process from onboarding clients to tax return delivery, according to John McGowan, the CEO of Hubsync and former chief information officer for two Big Four tax practices.
On this episode of Talking Tax, McGowan talks to Bloomberg Tax about the challenges that firms face in adopting new ways of working and how it can not only help get work done faster but could make CPA firms more attractive to job candidates and clients alike.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.