News

The Department of Revenue Services and Internal Revenue Service have issued additional guidance on the taxability of Connecticut's Hero payments.

The 2024 filing season, which began with a hint of uncertainty, has progressed into one of the smoothest in recent memory — but the uncertainty still exists, fueled by court decisions and pending legislation.

The budget passed by Congress over the weekend officially rescinds $20 billion in long-term spending for the IRS, a move that the Congressional Budget Office (CBO) said will reduce federal revenues and increase the cumulative deficit.

Taxpayers are accessing the IRS website much more this year than last to find the answers they need to file their taxes. The number of visits reached 411,961,000 as of March 15, up 19.3% over the corresponding period in 2023.

The IRS has identified about $1 billion in potential savings from erroneous employee retention credit (ERC) claims, with over half of that money coming from enforcement efforts and the rest from the ERC voluntary disclosure program (VDP) and claim withdrawal process, officials said Friday.

The Internal Revenue Service has been making progress on catching up with its backlog of unprocessed tax returns, but more work needs to be done, according to a new report.

To counter promoters that marketed misleading information about the Employee Retention Credit (ERC), the Internal Revenue Service urged businesses to review seven suspicious signs of a bad claim and see if the agency’s special programs can help them avoid future compliance issues.

Danny Werfel understands that the IRS has a perception problem. The IRS commissioner said in a speech Monday at American University that the Service is "iconically unpopular," even playing a clip from The Simpsons to illustrate the point.

The Internal Revenue Service announced today the full-scale launch of the innovative Direct File pilot and encouraged eligible taxpayers in 12 states to try the new service to file their tax returns online for free directly with the IRS.

The renewable energy finance landscape has undergone a transformative shift with the passage of the Inflation Reduction Act of 2022. Building on this legislation, IRS proposed guidance in June 2023 helped to establish the tax credit transfer market, thereby allowing corporate taxpayers to play a pivotal role in the clean energy revolution. In this article, we explore the historical context of Investment Tax Credits (ITC) and Production Tax Credits (PTC), traditional tax equity financing structures, and the new opportunity presented by tax credit transferability for small- and medium-sized corporations.

Over 125,000 high-income people who have not filed federal tax returns since 2017 will be mailed letters advising that they must file returns or explain why they don't need to file a return, the IRS said Thursday.

Based on comments from withholding agents about difficulties in transitioning to the electronic filing of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, the IRS said Tuesday that it is delaying the e-filing requirement.

The Internal Revenue Service reminds taxpayers that an electronically filed tax return will be rejected if the taxpayer is required to reconcile advance payments of the premium tax credit (APTC) on Form 8962, Premium Tax Credit (PTC), but does not complete the form in the software and submit it with their tax return.

CFOs need to incorporate tax analysis as part of their strategic decision-making or find themselves dealing with unexpected financial and operational outcomes.

The employee retention credit (ERC), as authorized under pandemic-era legislation to assist businesses with the costs of retaining employees, has been claimed by many employers for applicable quarters in 2020 and 2021. This article discusses the requirement to amend income tax returns in connection with an ERC claim and to review the professional responsibility to which all CPAs must adhere in amending these income tax returns.

IRS Commissioner Danny Werfel defended his agency's delay of the implementation of a lower threshold for reporting income on Forms 1099-K, telling a House committee on Thursday that his office has the responsibility to protect taxpayer rights.

The IRS alerted small businesses to seven warning signs that could indicate that their employee retention credit (ERC) claim is questionable and to help them resolve issues before a March deadline for a special disclosure program.

Internal Revenue Service Criminal Investigation (CI) announced Friday that Chief Jim Lee will retire from federal service, effective April 6.

The Internal Revenue Service today updated its frequently asked questions (FAQs)PDF for the Premium Tax Credit.

The IRS will hold webinars for tax professionals next week to help them avoid a scam email that tries to steal electronic filing identification numbers (EFINs) to gain access to client data and tax preparers' identities.