Author: Frank Carnahan

2022-10-02 The current guidance provides that offers submitted where IRS does not indicate a required return has been received will be deemed not processable. The IRS issued temporary guidance for Specialty Collection Offer in Compromise (SCOIC), when a 2020 or 2021 IMF tax return has not been processed due to a revised processing schedule as a result of the COVID-19 pandemic. Under the new guidance, the IRS will not return…

2022-09-22 The IRS's Alternative Media Center offers a variety of resources and accessibility services for visually impaired taxpayers. Tax-related content is available in several formats for use with assistive technology. This includes screen reading software, refreshable Braille displays and screen magnifying software. People can view and download hundreds of tax forms and publications in alternative formats, many of which are available in Spanish, including: Text-onlyBraille ready filesBrowser-friendly HTMLAccessible PDFLarge print…

2022-08-26 Notice 2022-36, Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020 The IRS will not impose the penalties listed in the notice for specified taxable years 2019 and 2020 tax returns filed on or before September 30, 2022. The penalties listed in the notice will be automatically abated, refunded, or credited, as appropriate without any need for taxpayers to request this relief. The following penalties…

2022-08-25 IR-2022-124, June 9, 2022 The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the…

2022-08-24 Missouri Department of Revenue, MO—LR 8197,Missouri,(Jun. 17, 2022) Taxpayer was a retired Federal government employee who worked for the USPS. Under the Federal Employees Retirement System (FERS), they receive a pension from the Office of Personnel Management. In addition, taxpayer has a component of their retirement under FERS as a defined-contribution plan, known as the Thrift Savings Plan (TSP). This plan is overseen by the United States Congress and…

2022-08-24 The Missouri statute exempting solar energy systems not held for resale from property taxation was unconstitutional. According to the Missouri Supreme Court, the Missouri Constitution did not grant the General Assembly the power to exempt such systems from taxation. Thus, a lower court ruling that a taxpayer's solar energy system was tax-exempt was vacated, and the case was remanded. ohnson v. Springfield Solar 1, LLC, Supreme Court of Missouri,…

2022-08-24 The Missouri Department of Revenue (DOR) announced today it will grant the same tax extensions as the Internal Revenue Service (IRS) to assist Missouri individuals and businesses impacted by recent flooding. Specifically, the IRS has postponed certain deadlines for taxpayers who reside or have a business in the disaster area to Nov. 15, 2022. The extension applies to deadlines falling on or after July 25, 2022, and before Nov.…

2022-08-24 The IRS announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic Notice for Tax-Exempt Organizations (e-Postcard), must sign into the IRS modernized authentication platform using either their active IRS username or create an account with ID.me, the current IRS credential service provider. Further, filers have three options when accessing the Form 990-N submission page. They can sign in with their active…

2022-08-24 Victims of severe storms and flooding beginning July 25, 2022, now have until November 15, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that affected taxpayers in certain areas will receive tax relief. Individuals and households affected by severe storms and flooding that…

2022-08-18 The privacy of America's taxpayers is paramount at the IRS. The right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary. Taxpayers can also expect that the IRS will respect all due process rights, including search and…