AICPA Tax Insider (May 12, 2022): Adopting a child: Tax planning considerations, Procedures for Puerto Rico residents to claim a 2021 child tax credit; and More!

Adopting a child: Tax planning considerations
By Kaitlin Newkirk, CPA; David Randolph, CPA, Ph.D.; and Cam Cockrell, Ph.D.
Targeted tax benefits — both federal and from some states — can help subsidize the cost of adoption, but parents should also be aware of income phaseouts of those benefits and nontax costs.

Procedures for Puerto Rico residents to claim a 2021 child tax credit
The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.

Cryptoassets: How should proof-of-stake rewards be taxed?
By Jamison Sites, J.D., LL.M., and Melanie Gulden, J.D., LL.M.
Some taxpayers are contending that these digital tokens generated by a blockchain consensus mechanism should be treated as created property, pending a disposition or other income recognition event.

Reinstatement of the Superfund excise tax
By Eugene Boakye, J.D., LL.M.; Trina Pinneau, J.D., LL.M.; and Deborah Gordon, J.D., LL.M.
After the tax on certain chemicals and substances, earmarked to fund environmental cleanups, had expired in 1995, the Infrastructure Act resurrected it, with modifications and updates, effective July 1, 2022.

TIGTA: IRS should work to expand e-filing
The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.

Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says
The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s