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Author Archive for Lisa Varela

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IRS Highlights Special Charitable Tax Benefit

IRS Highlights Special Charitable Tax Benefit The IRS has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 income tax return. Accordingly, the Independent Sector and National Council of Nonprofits joined with the IRS to highlight this pandemic-related provision […]

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lvarela

National Taxpayer Advocate Delivers Annual Report to Congress

National Taxpayer Advocate Delivers Annual Report to Congress The National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called the calendar year 2021 the most challenging year taxpayers and tax professionals have ever experienced. The report states that tens of millions of taxpayers experienced delays in the processing […]

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lvarela

Conservation Easement Extinguishment Proceeds Regulation Found Invalid

Conservation Easement Extinguishment Proceeds Regulation Found Invalid D.F. Hewitt, CA-11, 2022-1 ustc¶50,102 The IRS’s interpretation of Reg. §1.170A-14(g)(6)(ii), which disallows the subtraction of post-donation improvements to property on which a conservation easement exists in the event of a judicial extinguishment, was arbitrary and capricious because it violated the procedural requirements of the Administrative Procedures Act (APA). As a […]

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lvarela

Low-Income Housing Credit Deadlines Extended

Low-Income Housing Credit Deadlines Extended Notice 2022-5 The IRS extended several deadlines related to the low-income housing credit, in response to the continuing coronavirus (COVID-19) pandemic and precautions necessitated by new disease variants. The extensions generally apply to deadlines that occur between April 1, 2020, and December 31, 2022, for the: 10-percent test for carryover […]

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Final Regulations Address Foreign Tax Credit Issues

Final Regulations Address Foreign Tax Credit Issues The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or claim a deduction for foreign derived intangible income (FDII). The regulations finalize 2020 proposed regulations (REG-101657-20) and address: the disallowance of a foreign tax credit or deduction for […]

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ABA Section Calls For Research Credit Refund Claim Regs

ABA Section Calls For Research Credit Refund Claim Regs The American Bar Association’s Section of Taxation is asking the Internal Revenue Service to issue regulations related to the filing of a research credit refund claim. In a January 6 letter to the agency, the Section suggested that an October 15, 2021, memorandum providing specific instructions […]

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lvarela

Pandemic Highlights IRS’ Underfunding Issues

Pandemic Highlights IRS’ Underfunding Issues Two recent reports, one from the Internal Revenue Service and the other from the National Taxpayer Advocate, show how the ongoing pandemic exposed the effects of being an underfunded agency. The IRS in its recently issued Progress Update report for fiscal year 2021, highlights some of those issues caused by the pandemic […]

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lvarela

Child Tax Credit Letters Being Sent

Child Tax Credit Letters Being Sent The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, […]

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