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The amount of time that identity theft victims have to wait for tax refunds has increased as the Internal Revenue Service has shifted priorities, with some victims waiting nearly two years.

The IRS now has enough money that it can hire more experienced workers to audit both companies and individuals, and it does not have to pick and choose among whom to audit, a managing director at Grant Thornton told attendees at AICPA & CIMA ENGAGE 2024 in Las Vegas.

In recent years, the global workforce has witnessed a significant shift toward remote work and the rise of digital nomads — individuals who work entirely over the internet while traveling and have no fixed place of business. As many countries are recognizing this growing trend, the solution — the digital nomad visa — is increasing in popularity. The visa, offered under varying names, is currently available in more than 70 countries.

The Internal Revenue Service's plans to expand the Direct File free tax program nationwide next year could meet an early demise if Republicans gain control of Congress and the White House.

See how both the Big 4 and smaller firms are utilizing AI in their workflows.

The AICPA has made recommendations to the IRS on its 2024–2025 Priority Guidance Plan, including on the corporate alternative minimum tax (AMT) and group exemption letters.

The Internal Revenue Service announced today an extension of the current Free File program through 2029 following an agreement that will continue to make the free private-sector tax software available to taxpayers.

The Internal Revenue Service is currently drafting proposed regulations on digital asset reporting requirements, but their final direction remains uncertain.

The tax benefits of private placement variable annuities for wealthy clients are drawing scrutiny and calls for a federal crackdown — but they're not going away anytime soon.

The IRS issued final regulations (T.D. 9997) on Tuesday that finalize the reduction of the fees for the application and renewal of preparer tax identification numbers (PTINs) to an $11 user fee plus an $8.75 third-party contractor fee, for a total annual fee of $19.75. That fee amount has been in place since Oct. 19, 2023.

Although the IRS says it has made great strides in customer service to taxpayers over the past year, "We have a lot more work to do," Commissioner Danny Werfel said Thursday.

The Internal Revenue Service reminds taxpayers that May kicks off the season of disaster preparation with National Wildfire Awareness Month and National Hurricane Preparedness Week, May 5-11.

In Rev. Proc. 2024-23, the IRS on Tuesday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.

Every tax season brings its own craziness — in no small part because of clients' notions about taxes.

The IRS, in its release of the draft of the Form 1099-DA for brokers to report digital asset transactions, includes the broad definition of "broker" used in proposed regulations that drew industry ire when issued in 2023.

The IRS's first attempts to rein in abuse by "ghost employers" — those who pay their workers but do not pay employment tax and federal payroll income tax withholding — had some success, and the Service should ramp up its pursuit, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent report. TIGTA says the IRS has difficulty spotting ghost employers because it will have no record of them if they never file returns.

Financial advisors and tax professionals with small business owner clients should ensure they have considered every possible break that could help the bottom line, according to one expert.

The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by so-called "ghost employers" who don't pay employment taxes, and over 30 cases have been prosecuted in recent years, but the problem is far larger, according to a new report.

With the April tax filing deadline here, the Internal Revenue Service highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during the 2024 filing season.

The IRS has provided a 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.