News

The Internal Revenue Service today issued proposed regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT).

The Internal Revenue Service announced today tax relief for individuals and businesses in Connecticut and New York affected by severe storms and flooding from torrential rainfalls that began on Aug. 18, 2024. Some communities in western Connecticut also experienced landslides and mudslides from these storms.

The IRS, in a fact sheet released Thursday, reminded taxpayers that crowdfunding distributions may be includible in the gross income of the person receiving them, depending on the distributions' facts and circumstances (FS-2024-28). Also, the crowdfunding site (or its payment processor) may be required to report those distributions to the IRS and the payee if the distributions meet reporting thresholds.

The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report.

The U.S. Department of Treasury, the Internal Revenue Service and the U.S. Department of Energy announced today that they received over 800 concept papers — project proposals — seeking a total of nearly $40 billion in tax credits, representing $200 billion in total project investments, for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program.

The number of notices of federal tax lien has declined significantly since 2010, according to a report from the Treasury Inspector General for Tax Administration.

As data thieves get more cunning, the Internal Revenue Service and its partners in the Security Summit have laid out half a dozen steps for practitioners to take to begin protecting themselves as data thieves get more cunning.

The IRS provided interim guidance to employers that provide matching retirement plan contributions based on student loan payments, a new benefit courtesy of a 2022 law.

A coalition representing the Internal Revenue Service, state tax agencies and the spectrum of the nation’s tax industry today announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.

The IRS will reopen its voluntary disclosure program (VDP), allowing businesses to correct questionable employee retention credit (ERC) claims at a discount (Announcement 2024-30).

Under economic pressure, local governments across the country are raising sales tax rates or introducing new taxes.

The most recent draft of the form that brokers will use to report certain 2025 transactions involving the sale or exchange of digital assets reflects the final regulations (T.D. 10000) for custodial broker reporting that the IRS released in June.

The Internal Revenue Service has posted an early draft of the updated Form 1099-DA, the form for brokers to report certain sale and exchange transactions of digital assets that take place beginning in 2025.

Governor Ned Lamont and U.S. Secretary of the Treasury Janet L. Yellen today announced that, beginning in the 2025 filing season, Connecticut will join IRS Direct File – a newly launched option to file federal tax returns online that is provided to users at no cost, empowering residents to file with ease and without having to pay the fees associated with for-profit tax software companies.

The IRS will start processing some employee retention credit (ERC) claims that have been subject to its claim processing moratorium, it announced on Thursday. The Service also said it has recently sent out 28,000 disallowance letters to businesses and plans to begin paying 50,000 valid claims for the pandemic-era credit.

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.