IRS January 30, 2025
A discussion draft, released Thursday by Sens. Mike Crapo (R-ID) and Ron Wyden (D-OR), that proposes several ways to fix IRS procedures and administration has strong support from National Taxpayer Advocate Erin Collins and the AICPA.
January 28, 2025
January 27, 2025
Taxes July 1, 2024
The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance.
Taxes July 1, 2024
Therefore, cannabis businesses are still unable to claim normal business tax deductions, as IRC Section 280E stipulates.
Taxes June 27, 2024
The agency is looking to settle with some taxpayers under audit who participated in syndicated conservation easement deals.
IRS June 26, 2024
The agency gave whistleblowers 121 awards for information attributable to $338 million in tax revenue being collected in fiscal year 2023.
Taxes June 26, 2024
While the 2024 filing season generally ran smoothly, there are still several challenges impacting taxpayers, Erin Collins says.
Taxes June 25, 2024
The IRS apologized to the billionaire founder of Citadel for failing to protect his tax information from being leaked to the press.
IRS June 24, 2024
As of March 31, the IRS has spent $5.7 billion, or 10%, of the $57.8 billion it will receive from the Inflation Reduction Act, TIGTA says.
Taxes June 21, 2024
The review involved months of digitizing information and analyzing data since last September to assess a group of more than 1 million Employee Retention Credit (ERC) claims representing more than $86 billion filed amid aggressive marketing last year.
Taxes June 21, 2024
A taxpayer is permitted to receive a distribution from an applicable eligible retirement plan to meet unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses.
IRS June 20, 2024
At least 70% of ERC claims currently awaiting processing have red flags about their accuracy, IRS Commissioner Danny Werfel said.
Taxes June 18, 2024
Clean energy project managers must meet the prevailing wage and apprenticeship requirements to receive increased tax credits.
IRS June 18, 2024
If provided under an educational assistance program, certain educational assistance benefits can be excluded from gross income.