AICPA Tax Insider (February 3, 2022): AICPA notes IRS announcement on notices, asks Service to do more; Full disclosure: When tax transactions must be reported and More!

AICPA notes IRS announcement on notices, asks Service to do more
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

Full disclosure: When tax transactions must be reported
By Ray A. Knight, CPA/PFS, CGMA, J.D., and Lee G. Knight, Ph.D.
Disclosure of reportable transactions may become even more important as tax rates and IRS scrutiny of high-wealth taxpayers increase.

How nonfilers can claim 2021 tax credits
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

Documenting COVID-19 employment tax credits
By Annette Nellen, Esq., CPA, CGMA
The employee retention and sick or family leave credits come with exacting record-retention and other documentation requirements.

IRS: ‘Limited group’ getting erroneous Letters 6419
The IRS pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

Sales tax: Nearly 4 years after Wayfair, what’s on the horizon
In this podcast episode, a sales tax expert discusses how the Supreme Court’s decision created a new playing field for business and how practitioners can advise clients on related issues.

‘Quick’ carryback tax refunds took nearly double the 90-day deadline
Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a U.S. Government Accountability Office study finds.

Tips for managing the tax season time loop in 2022
By April Walker, CPA, CGMA
As the tax season starts, here are a few tips and reminders to get a jump-start on this year’s busy season.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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