AICPA Tax Insider (April 21, 2022): More Schedule K-2 and K-3 FAQs posted, Acute IRS challenges had chronic origins, GAO reports; and More!

More Schedule K-2 and K-3 FAQs posted
The IRS covered eight additional issues on the new forms for passthroughs with foreign tax items, including several that will be added to the instructions.

Acute IRS challenges had chronic origins, GAO reports
The US Government Accountability Office analyzed the 2021 filing season; its findings pointed to longer-term improvements needed in handling taxpayer return errors, processing returns more timely, and serving taxpayers’ needs.

Tax issues that arise when a shareholder or partner dies
By Carol Warley, CPA/PFS, J.D.; Ed Decker, CPA; Nick Passini, CPA; Mike Laier, CPA; Brittany Pierson, CPA; Rebecca Warren, CPA; and Michael Reeves, CPA
The perils of an owner’s passing can include an inadvertent S election termination, changes in a partnership’s tax year, and consequences for suspended losses.

File Form 8822-B to update critical info with IRS
By Christopher B. Anderson, CPA
IRS reminds taxpayers to file Form 8822-B, Change of Address or Responsible Party — Business, to update responsible party information in the Business Master File within 60 days of a change.

SALT cap challenge is denied Supreme Court review
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court declined to review a long-running lawsuit by New York and three other states.

IRS’s FATCA enforcement fell short, TIGTA says
The Service’s efforts to monitor compliance with the Foreign Account Tax Compliance Act’s requirements for reporting US taxpayers’ foreign financial assets have missed opportunities, the Treasury Inspector General for Tax Administration reported.

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

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