The mid-year report from National Taxpayer Advocate Erin M. Collins contains an assessment of the 2021 filing season. It assesses the IRS response to 73 administrative recommendations that the Advocate made in the 2020 Annual Report to Congress that was released at the start of 2021. Finally, it identifies key objectives that the Taxpayer Advocate Service will pursue in the upcoming fiscal year. Here are some interesting takeaways from the report:
A business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred. However, deductions generally may not be claimed until economic performance has occurred.