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The Internal Revenue Service and the Treasury Department plan to issue final regulations related to required minimum distributions from retirement accounts in light of the SECURE 2.0 Act.

New report shows many states, unlike CT, ordered regressive tax cuts that will push their budgets into deficit

The Internal Revenue Service warned taxpayers today to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund.

A few clicks of the mouse could save practitioners a ton of time by assisting them in determining whether they need to apply the requirements of AR-C Section 70, Preparation of Financial Statements, when their bookkeeping or accounting services result in financial statements.

The IRS reduced its backlog of unprocessed original tax returns by 80% from the 2022 to the 2023 tax filing season and improved its phone service, but real and permanent change requires significant IT upgrades, the national taxpayer advocate said Wednesday in her midyear report to Congress.

The Internal Revenue Service improved its performance during this year's tax season, catching up on much of its backlog, but is still behind on dealing with all the amended returns and correspondence it received this year, according to a new report.

It has been five years since the U.S. Supreme Court heard South Dakota v. Wayfair. The court decided on June 21, 2018, that states could tax purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. Much of what has happened in state tax law since then has been based on that decision.

The IRS on Wednesday issued Notice 2023-42, which grants penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT), saying the move is "in the interest of sound tax administration."

The Department of Treasury and the Internal Revenue Service today issued Notice 2023-42PDF, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT).

The words "IRS" and "paperless" do not typically go together, so it was not surprising when the national taxpayer advocate was greeted with laughter when she coupled the two words during AICPA & CIMA ENGAGE 2023 in Las Vegas. And not just that, she said the IRS version of paperless is a goal in the not-so-distant future.

It began as a way to help business owners and workers by providing a tax credit for employers that continued to pay employees at the height of the COVID-19 pandemic. But the employee retention credit (ERC) became so rife with abuse that the IRS cannot keep up with the legitimate filings.

AI such as ChatGPT is changing the world as we know it. As a practitioner, can it help you better serve your clients, support your staff, and prepare you and your practice for the future? Let's first take a look at what ChatGPT is as we attempt to answer these questions. We will then provide an example of a conversation between this powerful AI chatbot and a hypothetical client and let you be the judge.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for applicants investing in certain solar and wind powered electricity generation facilities.

The debt-limit deal would rein in spending on some federal government services but barely dents the roughly $20 trillion in combined budget deficits projected over the next decade.

The IRS is facing substantial cuts to funds meant to rebuild its workforce and modernize its legacy IT systems over the next decade, as part of a deal to raise the debt ceiling and avoid a first-ever government default.

As aggressive marketing continues, the Internal Revenue Service today renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.

The Internal Revenue Service is expected to soon restart mailing out the automated collection notices that it paused last year while it tried to catch up on its backlog of unprocessed tax returns.

A pair of lawmakers proposed bipartisan legislation to streamline the tax filing extension process.

The U.S. Supreme Court has handed a victory to the Internal Revenue Service regarding its authority to issue summonses, deciding unanimously to split in circuit court decisions on when the agency must give notice to third-party recordkeepers.

The narrow requirements for qualifying for the electric vehicle tax credits under the Inflation Reduction Act are causing some consternation in the auto industry, as they only seem to apply to a limited number of models, so accountants need to advise clients carefully about new vehicle purchases.