IRS

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers in 2024 by nearly 36%.

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season.

New additions to Tax Pro Account, available through IRS.gov, will help practitioners manage their active client authorizations on file with the Centralized Authorization File (CAF) database.

The latest House stopgap bill passed with the support of 126 Republicans, while 90 GOP lawmakers voted “no.” Only one Democrat, Rep. Mike Quigley, D-Ill., opposed it, over the omission of Ukraine aid.

Contingency plan calls for the IRS to furlough two-thirds of its workforce and press pause on most core tax administration functions.

The letter goes on to express concern that an October shutdown of the government will likely impact the timely processing of extended 2022 tax returns due by Oct 16, 2023.

The House panel voted along party lines to disclose additional documents related to the probe into the president's son's taxes.

Jack Fisher and James Sinnott designed, marketed and sold to high-income clients abusive syndicated conservation easement tax shelters based on fraudulently inflated charitable contribution tax deductions, promising them deductions 4.5 times the amount the taxpayer clients paid.