IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]Read More
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 areas: minimum distribution requirements for designated beneficiaries when death of the employee or IRA owner occurs after the required beginning date, and the definition of employer and guidance for multiple arrangements.
Regarding the minimum distribution requirements, AICPA recommended in the letter that the agency “eliminate the requirement … mandating that a designated beneficiary who is not an eligible designated beneficiary take distribution in each of the 10 years following the death of an employee.”
AICPA also recommended that “the final regulations follow the rule … requiring only that the entire interest is to be distributed no later than by the end of the tenth year following the death of the employee/IRA owner.”
Regarding the definition of employer and guidance related to multiple employer agreements, AICPA recommended “defining the retirement requirement in section 401 (a)(9)-2(b)(1)(ii) as met at the plan level in reference to MEPs [multiple employer plans] and PEPs [pooled employer plans]; when an employee terminates employment with the employer after attaining age 72 and is reemployed with either the same employer or another employer sponsoring the same MEP or PEP prior to attaining their RBD of April 1 the following year.”
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]Read More
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]Read More
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]Read More
The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]Read More
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]Read More
The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]Read More
The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]Read More
The IRS, and the Security Summit Partners have encouraged tax professionals to inform their clients about the IRS Identity Protection […]Read More