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IRS Authorized to Recover Foreign Reporting Penalty Without Suit
Bloomberg Law· 14 hours agoThe IRS can assess penalties on taxpayers who willfully fail to file certain disclosures of their interest in foreign corporations without filing a civil suit, the D.C. Circuit ruled Friday.
IRS Unveils Plan to Crack Down on Wealthy Taxpayers
The Fiscal Times via Yahoo Finance· 1 day agoThe IRS wants to increase its audit rate for taxpayers earning more than $10 million by about 50%, according to an updated operating plan released...
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
U-T San Diego· 1 day agoThe IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns ...
IRS warns of persistent scams following Tax Day
KOMU Columbia· 1 day agoThe IRS is warning Americans about common scams that are targeting consumers nationwide for their money, personal information, data and more. The...
IRS Issues Rules on Generation-Skipping Transfer Tax Exemption
Bloomberg Law· 16 hours agoThe IRS released final rules detailing when more time will be given to taxpayers who want to use the generation-skipping transfer tax exemption. The agency on Friday issued ...
IRS PLR: Extension of Time Granted to Make Qualified Subchapter S Trust Election (IRC §1361)
Bloomberg Law· 8 hours agoThe IRS has published a private letter ruling on section 1362, regarding the extension of time to make a qualified subchapter S trust election. [PLR 202418008]
IRS News Release: Strategic Operating Plan Update
Bloomberg Law· 1 day agoAn update on the IRS’s Strategic Operating Plan, a blueprint outlining future plans for the agency’s transformation work and highlighting dozens of improvements for taxpayers since passage of the Inflation ...
IRS issues warning on data security
Newsweek· 2 days agoThe Internal Revenue Service (IRS) is urging business owners and tax preparers to protect their companies from cybercriminals and scams. The government...
IRS says it will need more money soon
The Washington Times· 1 day agoIRS Commissioner Danny Werfel said Thursday the agency has made huge strides in improving customer service but it will soon need more money if Congress wants continued progress ...
IRS Issues 401(k) Disaster Relief Guidance FAQ Under SECURE 2.0
Bloomberg Law· 5 hours agoA landmark federal retirement law allows for special purpose distributions of up to $22,000 of qualified disaster recovery distributions from eligible 401(k), 403(b), and IRA plans, the IRS said in a new fact sheet.
