News

The Internal Revenue Service and the Security Summit partners remind tax professionals that using multi-factor authentication is now more than an important protection for their businesses and their clients – it’s now a federal requirement.

A tax practitioner, frustrated by a six-week wait for a Taxpayer Advocate Service (TAS) response about a tax refund, complained to a federal watchdog. That complaint, related to a client facing financial hardship, led to a review that found the phone service provided by TAS offices across the nation was slow and inconsistent.

In a case that will likely end up in the Supreme Court, the Fifth Circuit has held that the "universal service" tax that appears on cell phone bills violates Article 1, Section 1, of the U.S. Constitution.

Two recent Supreme Court decisions involving the power of government agencies are a "big deal" for the accounting profession because they introduce a level of uncertainty that makes some tax practitioners uncomfortable, AICPA & CIMA's CEO said recently.

As the Internal Revenue Service intensifies work on the Employee Retention Credit, the agency today shared five new warning signs being seen on incorrect claims by businesses.

The Internal Revenue Service and the Treasury Department reported further progress Thursday on offering more online tools and expanded taxpayer service, including six new features for the Individual Online Account, a new Spanish version of the Business Tax Account, and additional business forms that can be filed electronically.

The new presumptive presidential nominee for the Democratic Party carries a long paper trail in tax policy. That history may alter the debate in a pivotal election ahead of a looming deadline next year.

Few American elections have had as much at stake as this year's, and clients have a lot on their minds concerning November.

The IRS on Thursday issued final regulations (T.D. 10001) that update the rules for required minimum distributions (RMDs) from qualified plans; Sec. 403(b) annuity contracts, custodial accounts, and retirement income accounts; individual retirement accounts and annuities (IRAs); and certain eligible deferred compensation plans.

The Internal Revenue Service could be doing a better job of cracking down on tax noncompliance by users of virtual currency or digital assets, according to a new report.

As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

The IRS issued final regulations for reporting digital assets (T.D. 10000) that provide guidance on information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges.

National Taxpayer Advocate Erin M. Collins today released her statutorily mandated mid-year report to Congress. The report says the tax-return filing season generally ran smoothly this year, but it identifies delays in issuing refunds to identity theft victims, misleading telephone measures that lead to poor resource allocation decisions, and delays in processing Employee Retention Credit claims as key taxpayer challenges. The report also emphasizes the importance of technology upgrades as the IRS seeks to modernize its operations in the coming years.

IRS delays in resolving identity theft cases are unconscionable and a blemish on the agency's overall performance for the 2024 tax season, the national taxpayer advocate said Wednesday in her midyear report to Congress.

The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act, according to a new report.

Most remaining employee retention credit (ERC) claims show signs of fraud or errors, and the IRS will deny tens of thousands of the most obvious erroneous claims in the coming weeks, the Service said Thursday.

The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy incentives, enacted as a part of the Inflation Reduction Act (IRA).

Those identified as merely “tacticians” may be hampering their professional growth by limited access to resources.

The IRS provided another limited waiver of the addition to tax under Sec. 6655 for a corporate taxpayer's failure to pay estimated income tax with respect to its Sec. 55 corporate alternative minimum tax (AMT) liability.

In September 2023, the IRS announced a moratorium on the processing of new employee retention credit (ERC) claims because of what it said was rampant fraud.