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As part of an ongoing initiative aimed at combating dubious Employee Retention Credit claims, the IRS recently launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error.
View MoreThe IRS recently announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.
View MoreThe IRS recently issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
View MoreFollowing feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the IRS released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.
View MoreThe U.S. Department of the Treasury and the IRS recently issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities.
View MoreRecall I reported earlier in the year that the IRS issued IR-2022-183 warning against third parties improperly computing the ERC. Then, the IRS issued a "renewed warning" in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
View MoreInternal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology. On a good day, one can call the IRS and only wait on hold for an hour or two before speaking to an agent who may request a form be faxed. A tax professional may have spent half their workday by the time the situation is resolved or a plan of action has been established.
View MoreIn August 2022, the American Institute of CPAs released proposed revisions to the Statements on Standards for Tax Services for public comment.
View MoreThe IRS recently announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.
View MoreThe Financial Crimes Enforcement Network (FinCEN) recently issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.
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