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AICPA Offers Recommendations on Required Minimum Distribution Proposal
The American Institute of CPAs offered the Internal Revenue Service a series of recommendations related to proposed regulations for required minimum distributions from individual retirement accounts. The July 1, 2022, comment letter to the agency covered two specific...
IRS Helps Taxpayers Understand How and Why Agency Representatives May Reach Out, FS-2022-33
The IRS has released a Fact Sheet to help taxpayers understand how and why agency representatives may contact them and how to identify them and avoid scams. Generally, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the...
Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32
The IRS has updated its simplified procedure for estates requesting an extension of time to make a portability election under Code Sec. 2010(c)(5)(A). The updated procedure replaces that provided in Rev. Proc. 2017-34. If the portability election is made, a decedent’s...
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