The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administratio...
The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agen...
IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT �...
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and p...
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are ...
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations...
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their comp...
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money a...
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the ...
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving...
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.