TAX NEWS
- 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 statutory periods for assessments and collections that expire in one year or less.
- 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.
- The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
- The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.
- While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.
- IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
- The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
- The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.
- Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
- IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.
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- The looming threat of an audit can ratchet up the stress of tax season even more. To boot, the IRS said it's adding staff and technology to "reverse the historic low audit rates" on high-income …
- The Internal Revenue Service has finalized the rules monetizing clean energy tax credits, which frees up non-profit power companies to issue more debt that can be used to finance electrical …
- As spring draws closer, every business, from the smallest shop or service provider—to the largest enterprise—partakes in the ritual of preparing their taxes.
- Tax season can be confusing for a lot of people. But calling the IRS with a question can result in waiting on hold. Keep reading to learn what to do instead.
- IRS Commissioner Danny Werfel said the agency is cracking down on high-income earners who don't pay their full tax obligations.
- The IRS is offering a service to make filing federal taxes easier and possibly save taxpayers hundreds of dollars.
- According to published article of necn, Thioub’s arrest sends shockwaves through the IRS and the broader community especially … for thorough scrutiny of those entrusted with upholding tax compliance …
- The IRS has issued more than 43 million refunds worth about $135.3 billion, as of March 8. Here’s the average payment.
- An IRS agent living in Massachusetts and with advanced knowledge of auditing techniques allegedly filed false tax returns from 2017 to 2019.
- IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are wrongly deducting private jet travel and otherwise shorting the government on their taxes: Pay your fair share so "others …