TAX NEWS
- In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
- The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
- Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
- The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
- In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
- This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
- The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
- The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
- On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
- The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
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- IRS officials say the Employee Retention Tax Credit program has been a magnet for unscrupulous promoters who filed a "tsunami of bad claims." …
- Additional funding from the Inflation Reduction Act has improved some IRS services, the government agency has said.
- Who has to file a federal tax return, what it means when you get an extension, and why Tax Day isn't always the same for everyone in the US, with Stephanie Haney …
- The IRS says there is a $1 billion on the table, refunds owed to people who never filed a return in 2020. You can also cash in from other recent tax years too.
- Tax season wrapped earlier today for most taxpayers. IRS Commissioner Danny Werfel has already deemed it "one of the best tax seasons the nation has seen in years." …
- Along with completing your tax return, the best tax software can also help you file a tax extension, but you can also submit IRS Form 4868 by mail — as long as you get it postmarked by your tax …
- According to the latest IRS statistics, the average income tax refund so far this season is $3,011, up $123 from last year. Two out of three taxpayers expect to receive a refund.
- The Internal Revenue Service reported stronger performance on Monday, April 15, as it concluded this year's tax filing season, saying it had answered 1 million more phone calls from taxpayers and …
- April 15 is Tax Day. Here is what you need to know about how, when and where to file and how to get an extension.
- The Biden administration marked the close of tax season Monday by announcing it had met a modest goal of getting at least 100,000 taxpayers to file through the Internal Revenue Service’s new tax …