December 22, 2023 – AICPA Proposed Rule - Retirement Security Rule: Definition of an Investment Advice Fiduciary
The AICPA Personal Financial Planning Executive Committee comments in response to RIN 1210- AC02, Retirement Security Rule: Definition of an Investment Advice Fiduciary as proposed by the Employee Benefits Security Administration on November 3, 2023.
December 14, 2023 – AICPA Comments on Current Procedures for Application for an Employer Identification Number
AICPA submitted to the Treasury and the IRS comments for improvement to the current procedures for application for an employer identification number, in light of the new Beneficial Ownership Information (BOI) reporting requirements required by the Corporate Transparency Act (CTA).
December 14, 2023 – AICPA Request Immediate Changes on Updated Form 8308
In October 2023, the IRS provided an updated version of Form 8303, adding significant changes that would take effect by January 2024. The ACIPA submitted a letter to the IRS and Treasury with immediate recommendations to gradually implement these significant changes.
December 14, 2023 – AICPA Comments to Treasury and IRS on Additional CAMT Guidance for Notice 2023-64
The AICPA is submitting comments in response to Notice 2023-64 Additional Interim Guidance Regarding the Application of the Corporate Alternative Minimum Tax under Sections 55, 56A, and 59 of the Internal Revenue Code.
December 12, 2023 – AICPA Comments on Needed Update to Instructions and Top of Form 5329 to Include Form 1041
AICPA submitted to IRS comments requesting an update of the instructions and top of Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts, to include Form 1041, U.S. Income Tax Return for Estates and Trusts, in the list of forms that may need the Form 5329 attached.
December 11, 2023 – AICPA Comments on IRS Procedures for Processing Section 1033 Replacement Period Extension Requests
AICPA submitted feedback and recommendations to the IRS on establishing more streamlined, rapid, and transparent procedures for processing section 1033 replacement period extension requests.
December 11, 2023 – The Association of International Certified Professional Accountants comments in response to October 11, 2023 Treasury announcement requesting public input on OECD Pillar One
The Association of International Certified Professional Accountants, which includes the American Institute of CPAs (AICPA) and Chartered International Management Accountants (CIMA), is submitting comments in response to the October 11, 2023 Department of the Treasury’s announcement requesting public input on OECD Pillar One.
November 27, 2023 – AICPA Warns of Harm to Taxpayers and Tax Practitioners Should IRS Shut Down in Early 2024
Under the “laddered” Continuing Resolution (CR) recently signed into law, continued funding for the Internal Revenue Service (IRS) expires at midnight on February 2, 2024 – less than two weeks after the start of the 2023 tax filing season. In the attached letter sent today to Department of the Treasury Secretary Janet Yellen, IRS Commissioner Danny Werfel, and every Member of Congress, the American Institute of CPAs (AICPA) details how an IRS shutdown during the tax filing season would harm the Service, taxpayers and tax practitioners. The letter also offers recommendations to the IRS that could mitigate the long-term effects of a shutdown.
November 8, 2023 – AICPA Comments on the Proposed Section 6045 Regulations on Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions
AICPA submitted to Treasury and IRS comments on the proposed regulations on section 6045 regarding gross proceeds and basis reporting by brokers and determination of amount realized and basis for digital asset transactions (REG-122793-19, August 29, 2023).
November 3, 2023 – AICPA Comments on Form 706 and Schedule R-1 (Form 706)
AICPA submitted comments to IRS on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return (Rev. August 2019), and Schedule R-1 (Form 706) (Rev. August 2019), and instructions (Rev. September 2023) and extensions.
October 30, 2023 – AICPA Comments on Proposed Changes to Form 6765, Credit for Increasing Research Activities
AICPA submitted to Treasury and IRS comments and suggestions for improvements in response to the feedback on proposed changes to Form 6765, Credit for Increasing Research Activities (preview of proposed changes, September 15, 2023).
October 30, 2023 – AICPA comments on BOI proposed 90-day extension
The AICPA, and the many organizations enumerated, appreciate the efforts by FinCEN to extend the filing deadline for certain beneficial ownership information (BOI) reports. However, we recommend that FinCEN extend the deadline to one year and expand the applicability of the deadline to include not only new entities created in 2024 but all entities created thereafter as well as entities making updates or corrections to their original filings.
October 27, 2023 – AICPA Fourteen Updated Disaster Relief Tax Legislative Proposals
AICPA submitted to Congress an updated list of fourteen disaster tax relief related proposals, many of which were included in our 2023 AICPA Compendium of Tax Legislative Proposals – Simplification and Technical Proposals. These updated disaster tax relief proposals are suggested changes to provide permanent and uniform provisions to aid taxpayers in disaster relief situations.
October 27, 2023 – AICPA Letter to Congress Supporting H.R. 5343 / S. 2721, Federal Disaster Responsibility Act
AICPA submitted to Congress a letter in support of H.R. 5343 / S. 2721, the Federal Disaster Responsibility Act.
October 25, 2023 – AICPA Submits Written Statement Endorsing the Freedom to Invest in Tomorrow’s Workforce Act
The AICPA submitted a written statement for the record of the House Ways and Means Committee hearing on education tax policy. Our statement endorsed of the Freedom to Invest in Tomorrow’s Workforce Act, which if passed, would allow Americans to use section 529 plans to obtain or maintain postsecondary credentials, including the CPA credential.
October 5, 2023 – AICPA Comment Letter regarding the ERC wage reduction and interaction with an S Corp's AAA
The AICPA requests guidance regarding how the Employer Retention Credit (ERC) wage reduction disallowance impacts an S Corporation’s accumulated adjustment account (AAA). Specifically, the letter recommends that the IRS issue guidance that would apply one of two alternative options for the receipt of the ERC and corresponding wage deduction disallowance; both options would result in an increase to the S Corporations’ AAA account by the same amount that the S Corporation’s taxable income is increased due to the ERC.
September 28, 2023 – AICPA Comments on IRS Contingency Plan for Potential Government Shutdown
The AICPA submitted a comment letter requesting the IRS announce a contingency plan in the event of a government shutdown.
September 15, 2023 – AICPA Comments to IRS on Timing of Taxable Distributions from a GST Trust
AICPA submitted comments to IRS on the timing of taxable distributions from a generation-skipping transfer (GST) trust.
September 13, 2023 – AICPA Recommends Technical Corrections on SECURE 2.0 Act of 2022
The AICPA submitted a letter to Congress pointing the need for legislative fixes related to several provisions in the retirement legislation, SECURE 2.0 Act of 2022.
September 8, 2023 – AICPA Comments in response to the July 11, 2023, Senate Finance Committee letter on Taxation of Digital Assets
AICPA submitted to Congress comments in response to the Senate Finance Committee’s request on Taxation of Digital Assets.
August 29, 2023 – AICPA Comments on S Corporation Reorganizations Under Section 368(a)(1)(F)
The letter requests guidance for S Corporation desiring to undertake an F Reorganization in a similar, but different form than described in Revenue Ruling 2008-18. The IRS has previously provided guidance for treatment under Sec. 368(a)(1)(F) for S Corporations in two specific situations. This letter requests further guidance and confirmation that an S Corporation that is converted to an LLC as part of a plan of reorganization that occurs in a single day is also treated as an F Reorganization.
August 29, 2023 – AICPA Provides Recommendations for Updated Guidance and Clarifications on Disaster Tax Relief
The AICPA provides comments and recommendations for updated guidance and clarifications from the IRS in several areas relating to disaster tax relief.
August 14, 2023 – AICPA letter on IRS Appeals sharing Form 3520 and Form 3520-A reasonable cause determinations with the Campus
AICPA submitted a letter to IRS regarding Appeals sharing Form 3520 and Form 3520-A reasonable cause determinations with the Campus.
August 14, 2023 – AICPA Suggested Improvements to the IRS Form 3520 and Form 3520-A
AICPA submitted comments to IRS on suggested improvements to the IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, and instructions.
August 14, 2023 – AICPA Comments on Sections 6417, 48D and 6418 Proposed Rules
AICPA comments on proposed and temporary regulations on Section 6417 regarding Elective Payment of Applicable Energy Credits, Section 48D elective payment of applicable Credits and Section 6418 on Transfer of Certain Credits.
August 2, 2023 – AICPA Comments on Rev. Proc. 2023-24 – Automatic Changes in Methods of Accounting
AICPA submitted to Treasury and IRS comments on Rev. Proc. 2023-24 – Automatic Changes in Methods of Accounting.
July 28, 2023 – AICPA Comments on the IRS Draft 2023 Forms 1040, 1065, 1120, and 1120-S Digital Asset Question
AICPA submitted to Treasury and IRS on the Draft 2023 Forms 1040, 1065, 1120, and 1120-S Digital Asset Question.
July 27, 2023 – AICPA Statement for the Record of the Employee Retention Credit Hearing Held on July 27, 2023
The AICPA submitted written testimony for the record of the July 27, 2023, House Ways and Means, Subcommittee on Oversight hearing titled “The Employee Retention Credit Experience: Confusion, Delays, and Fraud.” Our statement for the record focused providing information and solutions to the backlog of processing ERC claims, IRS response to ERC inquiries, and the on-going fraud related to the credit.
July 19, 2023 – AICPA Provided Feedback on Improving Nationwide Access to IRS Appeals
The AICPA provided feedback regarding how the IRS can improve access to the IRS Independent Office of Appeals (“Appeals”) for taxpayers who do not live near an Appeals office.
July 18, 2023 – AICPA statement on HFSC BOI Hearing on July 18, 2023
The AICA submitted a written statement for the record of the hearing on July 18. The statement supports HR 4035 and presents various burdens to taxpayers and finance/accounting professionals if a delay isn’t granted.
July 14, 2023 – AICPA Supports HR 4035, Protecting Small Business Information Act
The AICPA submitted a letter of support on HR 4035 asking for a delay on BOI reporting implementation until all three rules, required under the CTA, are finalized.
July 14, 2023 – AICPA Provides Feedback on IRS Inflation Reduction Act Strategic Operating Plan
The AICPA provided preliminary feedback on the IRS Inflation Reduction Act Strategic Operating Plan (SOP), released by the IRS on April 6, 2023. The SOP details the IRS’s spending plans for the approximately $80 billion originally appropriated to the IRS by the Inflation Reduction Act.
July 12, 2023 – AICPA Supports the Casualty Loss Deduction Restoration Act
AICPA submitted a letter of support for the Casualty Loss Deduction Restoration Act, which would repeal the suspension imposed by the Tax Cut and Jobs Act for tax years 2018-2025 of personal casualty loss deductions not attributable to a Federally declared disaster, subject to a maximum deduction of $50,000 per year for tax years 2018-2025. In addition, the proposed legislation would extend the period of limitation on filing a claim for credit or refund of tax as a result of a deductible personal casualty loss for tax years 2018-2025. AICPA also suggested several improvements to the legislation in addition to noting our 11 recommendations for disaster tax relief as well.
June 20, 2023 – AICPA Supports Legislation to Simplify Quarterly Installment Deadlines
AICPA submitted a letter in support of H.R. 3708, which would change the quarterly installment deadlines to January 15, April 15, July 15, and October 15.
June 16, 2023 – AICPA Comments on Non-Fungible Tokens – Notice 2023-27
The AICPA is providing comments on Notice 2023-27 on the treatment of certain non-fungible tokens (NFTs) as collectibles. The AICPA is requesting that Treasury and the IRS provide further guidance on the issues suggested in our comments.
June 12, 2023 – AICPA Comments to IRS on Form 706–GS(D–1), Notification of Distribution from a Generation-Skipping Trust
AICPA submitted comments to IRS on OMB Control No. 1545–1143 Regarding Form 706–GS(D–1), Notification of Distribution from a Generation-Skipping Trust.
June 9, 2023 – AICPA Supports Legislation to Provide Filing Relief for Natural Disasters
The AICPA supports legislation which would extend the IRS’s authority to grant tax relief following state-declared disaster emergencies. It would also expand the mandatory federal filing extension from 60 days to 120 days, which provides taxpayers with additional time to file taxes following a disaster.
June 6, 2023 – AICPA Supports Legislation to Raise Form 1099-K Reporting Threshold
The AICPA sent a letter to Congress supporting S. 1761, which would raise the Form 1099-K reporting threshold to $10,000.
May 23, 2023 – AICPA Supports H.R. 3566 SAFE Act on Tax Extensions Safe Harbor
AICPA advocated to Congress and supports H.R. 3566, the Simplify Automatic Filing Extensions (SAFE) Act of 2023 to allow individuals to avoid a penalty for failure to pay income tax by timely paying 125 percent of the income tax liability for the prior year. AICPA issued a press release on the issue.
May 22, 2023 – AICPA Proposed Revisions to the Code Addressing Tax Planning and Related Services
The AICPA has submitted to the International Ethics Standards Board for Accountants (IESBA) comments in response to IESBA’s proposed revisions to the International Code of Ethics for Professional Accountants addressing tax planning and related services.
May 11, 2023 – AICPA Supports Legislation to Repeal Corporate Alternative Minimum
AICPA was included as part of a press statement in support of legislation introduced by Sen. John Barrasso (R-WY) to repeal the corporate alternative minimum tax.
May 10, 2023 – AICPA recommendations on the H.R. 190, Saving Gig Economy Taxpayers Act
AICPA expressed its appreciation for the introduction of H.R. 190, the Saving Gig Economy Taxpayers Act, which modifies requirements for third party settlement organizations to eliminate their currently untenable Form 1099-K reporting requirements.
May 10, 2023 – AICPA comments on Rev. Proc. 2023-11 – automatic change to required section 174 method
The AICPA is requesting that Treasury and the IRS issue additional guidance for certain accounting method changes related to specified research or experimental expenditures required to be capitalized under section 174 (“section 174 R&E expenditures”).
May 9, 2023 – AICPA Comments on 2023-2024 IRS Priority Guidance Plan
AICPA submitted to IRS comments on the 2023-2024 IRS Priority Guidance Plan, listing suggested and needed guidance.
May 9, 2023 – AICPA Comments to IRS on Acceptance of Electronic Signatures and Electronic Filing for All Returns and other Documents
The AICPA recommends that Treasury and the IRS expand the policy regarding electronic filing and electronic signatures to improve tax administration, return preparation, and enforcement.
May 9, 2023 – AICPA supports repealing section 174 amortization requirement, American Innovation and Jobs Act
The AICPA sent a letter to Congress supporting repeal of the Internal Revenue Code section 174 amortization requirement of the research and experimental expenditures (R&E).
May 3, 2023 - AICPA Comments on S. 1338, Legislation to Treat Electronically Submitted Tax Payments and Documents as Timely If Submitted on or Before the Applicable Deadline
AICPA submitted a letter in support of Senate Bill 1338, a bill co-sponsored by Senator Marsha Blackburn (R-TN) and Senator Catherine Cortez Masto (D-NV). This bill would treat tax returns and tax payments as filed or paid on the date that they are electronically transmitted, rather than the date they received or processed by the IRS, which can sometimes be a few days later. This is known as the “mailbox rule” and already applies to paper tax returns and tax payments that are sent through the mail. This legislation would treat electronically transmitted tax returns and payments the same way that paper tax returns and payments are now treated.
April 28, 2023 - AICPA Comments to IRS and Treasury on Centralized Partnership Audit Regime, Including Related Forms and Schedules
AICPA submitted to IRS and Treasury comments to improve administrative difficulties and inconsistencies of the BBA AAR process. Recommendations include: including illustrative examples in form instructions, consolidating the number of forms used, adopting an expedited process for simpler corrections, and fixes for various specific issues.
April 27, 2023 - AICPA Comments to IRS and Treasury on Prioritization of Guidance Under SECURE 2.0 Act of 2022
AICPA submitted comments to IRS and Treasury on the suggested prioritization of guidance under SECURE 2.0 Act of 2022.
April 14, 2023 - AICPA Comments on Tax Treatment of Losses of Digital Assets
AICPA submitted to Treasury and IRS comments on needed guidance on the tax treatment of losses of digital assets.
April 14, 2023 - AICPA Comments on Section 645 Election to Treat Trust as Part of an Estate
AICPA submitted to Treasury and IRS comments and suggestions for improvements to the current section 645 final regulations election to treat a trust as part of an estate (TD 9032, published December 24, 2002).
April 12, 2023 - AICPA Press Release on IRS Incorporates AICPA Recommendations in Strategic Operating Plan
AICPA issued a press release saying it is encouraged that many of the spending areas line up with items AICPA has also requested, including increased customer service and the reduction of the backlog of returns.
April 11, 2023 - AICPA supports the Freedom to Invest in Tomorrow’s Workforce Act
The AICPA sent a letter of endorsement of the Freedom to Invest in Tomorrow’s Workforce Act, which would expand the use of 529 savings plans to include expenses to obtain and maintain certain postsecondary credentials, including CPA-related credentials.
March 28, 2023 - AICPA Comments on Notice 2023-2 on Excise Tax on Repurchases of Corporate Stock
AICPA submitted to Treasury and IRS comments on IRS Notice 2023-2 on Excise Tax on Repurchases of Corporate Stock.
March 28, 2023 - AICPA Comment Letter on the Revenue Procedure 2022-19
AICPA submitted comments to Treasury and IRS on the Revenue Procedure 2022-19. Revenue Procedure 2022-19 provided much needed guidance and relief for S corporations which inadvertently terminate their S election. The AICPA submitted comments which aim to broaden the scope and applicability of the relief contained within the Revenue Procedure, and provide additional clarity. Specifically, it was recommended that relief for non-identical governing provisions be expanded to include S corporations that make unrelated disproportionate distributions, and that more guidance is provided on certain arrangements which may be considered non-identical governing provisions based on applicable law.
March 28, 2023 - AICPA Comments on IRS Operational Plan for Resources Included in the Inflation Reduction Act
AICPA submitted comments to Treasury and IRS on the Inflation Reduction Act’s additional appropriation of close to $80 billion to the IRS. As part of our comments, we indicate (1) service should have a stronger focus in resource allocations; and (2) IRS should reduce its processing backlogs to healthy levels.
March 27, 2023 - AICPA Comments on Notice 2023-7 on Corporate Alternative Minimum Tax
AICPA submitted to the Treasury and IRS a comment on Notice 2023-7 regarding CAMT guidance.
March 17, 2023 - AICPA Comments Requesting Lookback Period for Refunds and Credits to Apply to All Disasters Going Forward
AICPA submitted comments to Treasury and IRS requesting that the IRS apply the relief given in Notice 2023-21 regarding the lookback period for allowing tax credits or refunds to all Federally declared disasters.
March 8, 2023 - AICPA Letter Supporting Bipartisan, Bicameral Supply Chain Disruptions Relief Act
The AICPA supports efforts by Congress to provide tax relief to businesses that have been unable to maintain inventory during the pandemic. The AICPA supports the bipartisan Supply Chain Disruptions Relief Act, sponsored in the Senate by Sherrod Brown (D-OH) and Tim Scott (R-SC) and also in the House by Representatives Jodey Arrington (R-TX) and Dan Kildee (D-MI).
March 6, 2023 - AICPA Comments on Needed Guidance on IRS Notice 2020-75 and Nonpassive vs. Passive Income and Interest Expense Tracing
AICPA submitted to IRS and Treasury comments on needed guidance on IRS Notice 2020-75 and sections 469 and 163 on nonpassive versus passive income and interest expense tracing.
February 24, 2023 - AICPA Comments for Guidance Related to Changes to Section 162(m) made by the American Rescue Plan Act of 2021
The AICPA provided Treasury and the IRS with recommendations on the changes made to section 162(m) by the American Rescue Plan Act.
February 17, 2023 - AICPA Comments for IRS Consideration on AICPA Proposed FAQs on the New Digital Assets Question on the 2022 Form 1040
AICPA suggested for IRS consideration proposed frequently asked questions (FAQs) to assist taxpayers in responding to the new digital asset question on the 2022 Form 1040, U.S. Individual Income Tax Return and discussed in the instructions. Also see AICPA press release on these comments.
February 14, 2023 - AICPA Comments on Legislation Extending Expired Tax Provisions, Including the Section 174 Research and Experimental Expenditures Expensing and AICPA Press Release on the Comments
AICPA submitted to Congress a request for legislation extending expired tax provisions, including the section 174 research and experimental expenditures expensing. AICPA issued a press release on the comments.
February 13, 2023 - AICPA Comments on OMB Number: 1545-0159 on Form 3520 and Form 3520-A
AICPA submitted comments to IRS on the Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.
February 7, 2023 - AICPA Comments on OMB Number 1545–1910 — Form 8858, Information Return of U.S. Person With Respect to Foreign Disregarded Entities; and Transactions Between Foreign Disregarded Entity of a Foreign Tax Owner and the Filer
The AICPA submitted a letter in response to a solicitation by the IRS for comments on Form 8858, requesting an exception for certain dual-resident taxpayers.
February 7, 2023 - 2023 AICPA Compendium of Tax Legislative Proposals – Simplification and Technical Proposals
The AICPA submitted to Congress our 2023 AICPA Compendium of Tax Legislative Proposals – Simplification and Technical Proposals. Our focus is on 61 changes to provisions in the IRC that need attention, recommendations that are technical in nature and recommendations that perhaps can be readily addressed.
January 25, 2023 - AICPA Comments on Prevailing Wage and Apprenticeship Requirements Under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions
The AICPA submitted to IRS comments regarding Notices 2022-51 and 2022-61 pertaining to prevailing wage and apprenticeship requirements of certain energy credits under the Inflation Reduction Act (IRA). Recommendations call for proposed regulations that provide detailed instructions for determining and interpreting wage information, provide safe harbors for taxpayers who rely on contractors to avoid penalty assessment, and establish facts and circumstances for determining whether a taxpayer has met the good faith effort exception for apprenticeship requirements.
January 13, 2023 - AICPA Comments on Proposed Regulations to Implement Section 7803(e) Regarding IRS Independent Office of Appeals
The AICPA submitted comments to the IRS and Department of Treasury on proposed regulations that codify the role of the administrative function of appeals as the IRS Independent Office of Appeals and establish that review by Appeals is generally available to taxpayers facing a proposed deficiency.
January 6, 2023 - AICPA Letter of Appreciation for Updated Appeals Procedures for Considering First-Time Abatement (FTA) Penalty Relief on International Penalties
AICPA submitted to IRS a letter of appreciation for the IRS Independent Office of Appeals December 7, 2022 Control No. AP-08-1222-0018 updates made to section 8.11.5 (Penalties Worked in Appeals, International Penalties) of the Internal Revenue Manual, providing clarification and direction to Appeals technical employees that they have the authority to consider and, in the appropriate circumstances, recommend granting FTA penalty relief relating to Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, and Form 5472, Information Return of a Foreign Owned Corporation.