IRS Cries Uncle for the Fourth Time on the Section 871(m) Substantial Equivalence Test – JD Supra

On August 23, 2022, the IRS issued Notice 2022-37 (reproduced here), which once again extends the phase-in of withholding under Section 871(m). Broadly speaking, foreign persons may be subject to a 30% withholding tax under Section 871(m) on certain dividend equivalents paid or deemed paid to a foreign person with respect to a specified equity-linked … Read more

IRS Tax Law and Taxes Legal News September 19-23, 2022 – The National Law Review

Monday, September 26, 2022 Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 19, 2022 – September 23, 2022. September 19, 2022: The IRS updated information on the Work Opportunity Tax Credit (WOTC), including information on the pre-screening and certification process. The WOTC is available to employers who … Read more

IRS raises per diem standard rates for business travel – Journal of Accountancy

The special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel away from home will be slightly higher starting Oct. 1, the IRS provided Monday in Notice 2022-44. Generally, in lieu of actual lodging, meal, and incidental expenses incurred, a payer may consider substantiated for federal tax purposes an … Read more

AICPA again critiques new IRS requirements for R&D credits – Journal of Accountancy

Documentation requirements for refund claims involving the Sec. 41 business tax credit for increasing research activities that the IRS imposed last fall impose undue taxpayer burdens and deviate from Treasury regulations and other authoritative guidance, the AICPA said in a comment letter dated Sept. 21. The letter, signed by Jan Lewis, CPA, chair of the … Read more

IRS Extends Deadline for Amending IRAs, 403(b)s Under Cares Act, Relief Act – ASPPA Net

The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline by which IRAs and non-governmental 403(b)s must be amended under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.  CARES Act and Relief Act Specifically, the deadline is extended under Section 2202 of the Coronavirus Aid, Relief, … Read more

Watchdog dings IRS for vendor security lapses – FCW.com

Cookie List A cookie is a small piece of data (text file) that a website – when visited by a user – asks your browser to store on your device in order to remember information about you, such as your language preference or login information. Those cookies are set by us and called first-party cookies. … Read more