IRS Enhances Digital Services and Tightens Measures Against Tax Evasion, IR-2024-223
The IRS has announced substantial progress in its ongoing efforts to modernize tax administration, emphasizing a shift towards digital interactions and enhanced measures to combat
IRS Processing 50,000 Valid ERC Claims, Processing New Claims, IR-2024-203
The Internal Revenue Service will be processing about 50,000 “low-risk”Employee Retention Credit claims, and it will be shifting the moratorium dates on processing. “The IRS projects payments
IRS, State Tax Agencies and National Tax Industry Unite in New Coalition to Combat Escalating Scams and Protect Taxpayers, IR-2024-215
The IRS, in collaboration with state tax agencies and the national tax industry, has initiated a new effort to tackle the rising threat of tax-related
Businesses Warned About New Employee Retention Credit Claim Issues, IR-2024-198
The IRS has intensified its efforts to scrutinize claims for the Employee Retention Credit (ERC), issuing five new warning signs of incorrect claims. These warning
IRA Success Validates Need for Continued Funding – Werfel, IR-2024-196
Internal Revenue Service Commissioner Daniel Werfel is calling on Congress to maintain the agency’s funding and not make any further cuts to the supplemental funding
Treasury and IRS Release $8 Billion in Clean Energy Tax Credit Claims for 2023, IR-2024-202
The Department of the Treasury and the IRS released statistics on the Inflation Reduction Act clean energy tax credits for the 2023 tax year. Taxpayers have claimed
IRS Announces Second Voluntary Disclosure Program for Employee Retention Credit, Announcement 2024-30; IR-2024-212; IR-2024-213
The IRS has announced a second Voluntary Disclosure Program for employers to resolve erroneous claims for credit or refund involving the COVID-19 Employee Retention Credit
Virtual Currency Tax Compliance Can Be Improved – TIGTA
The Internal Revenue Service has room to improve its virtual currency tax compliance enforcement, according to the Treasury Inspector General for Tax Administration. In a report
IRS Needs To Do More In Underserved Markets – TIGTA
The Internal Revenue Service needs to do more in underserved markets, according to a recent report from the Treasury Inspector General for Tax Administration. “The
IRS Issues Alerts on False Self-Employment Tax Credit Claims and Phishing and Cloud Attacks, IR-2024-187; IR-2024-188
The IRS warned taxpayers about misleading claims regarding a fictitious “Self Employment Tax Credit.” Promoters and social media posts are inaccurately suggesting self-employed individuals and gig workers
Final Regulations on Procedural Rules for Reporting Excise Tax on Stock Repurchases Adopted, T.D. 10002; IR-2024-179
The IRS released final regulations relating to the excise tax imposed on certain sales by manufacturers, producers, or importers of designated drugs. Specifically, the final
Treasury Issues Regulations on Brokers’ Sales and Exchanges of Digital Assets, T.D. 10000; IR-2024-178; FS-2024-23; Rev. Proc. 2024-28; Notice 2024-56; Notice 2024-57
The Treasury Department and IRS have issued regulations requiring brokers of digital assets to report certain sales and exchanges. The regulations address the reporting requirements
