AICPA Tax Insider (February 17, 2022): IRS identifies paused taxpayer notices; Complying with new schedules K-2 and K-3; and More!

IRS identifies paused taxpayer notices
While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.

Complying with new schedules K-2 and K-3
By John Samtoy, CPA
What partnerships, S corporations, and others with foreign partnership interests need to know about the new international-related schedules.

Voluntary carbon offsets: The evolution of a business expense
By Craig White, Ph.D.
Paying another party to help reduce global greenhouse gas emissions may be deductible as trade or business expense.

Tax pros share IRS service challenge stories, solutions
The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.

A review of Multistate Tax Commission’s statement on how P.L. 86-272 applies to internet sales
By Karen Currie, J.D.; Kara White, CPA; and Rebecca Bertothy, J.D.
This more-than-50-year-old federal law is being interpreted to take into account the rise of online sales and related business activity.

Second Circuit: SALT cap is not unconstitutional
By Laura Lee Mannino, CPA, J.D., LL.M.
Although states had standing to challenge the $10,000 deduction limitation, they failed to show it infringes upon their sovereignty or that the deduction is constitutionally mandated.

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

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