News
Information-reporting penalty safe harbor finalized
December 18, 2023
The IRS issued final regulations on Monday that provide a de minimis safe harbor from the penalties for failure to file correct information returns under Sec. 6721 and failure to furnish correct payee statements under Sec. 6722 (T.D. 9984).
IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023
December 14, 2023
The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
IRS restructures leadership
December 13, 2023
The Internal Revenue Service has reorganized its leadership structure at the top, with a single deputy IRS commissioner instead of two, and four chief executives to lead taxpayer service, compliance, information technology and operations.
IRS Independent Office of Appeals releases fiscal year 2024 priorities; focus on improving taxpayer service
December 08, 2023
The Internal Revenue Service's Independent Office of Appeals today released its Focus GuidePDF for fiscal year 2024. The guide highlights where Appeals will be improving taxpayer service in its mission to resolve tax disputes in a fair and impartial manner without the need for litigation.
IRS: 2024 Flexible Spending Arrangement contribution limit rises by $150
December 08, 2023
During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA.
IRS expands work on aggressive Employee Retention Credit claims; 20,000 disallowance letters being mailed, more action and voluntary disclosure program coming
December 06, 2023
As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.
End-of-year financial and tax considerations
December 01, 2023
As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial steps. The following highlights some of the more important year-end considerations.
IRS surveys tax professionals to help it improve services
November 27, 2023
The IRS is conducting a phone survey to help it improve services to tax professionals and their clients.
IRS, Security Summit partners launch 2023 National Tax Security Awareness Week focusing on holiday scams, protecting personal information as tax season nears
November 27, 2023
On Cyber Monday, the Internal Revenue Service, state tax agencies and the nation's tax industry – working together as the Security Summit – kicked-off the 8th National Tax Security Awareness Week with tips for taxpayers and tax professionals to avoid scams and protect sensitive personal information.
IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation
November 21, 2023
Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.
Art of Accounting: Looking forward to the next 10 years
November 20, 2023
My first thought for a 10th anniversary column was to describe the changes in the last 10 years. A second reaction was to recall my greatest columns. I then realized that looking back or even at the present were exercises in vanity and would not provide any takeaways. To be successful you need to look to the future and be anxious to adopt the changes that are quickly occurring.
Proposed crypto regs. define ‘broker' too broadly, industry says
November 15, 2023
The IRS definition of "broker" in its proposed regulations for digital asset reporting under Sec. 6045 (REG-122793-19) stretches the statutory definition "beyond the breaking point" and adds to security and privacy concerns, crypto industry advocates told the IRS in a public hearing.
AICPA approves revised tax standards
November 13, 2023
The American Institute of CPAs is rolling out some changes in its tax standards that will take effect in January.
IRS destruction of paper returns had little impact
November 13, 2023
The Internal Revenue Service's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic probably had little effect on taxpayers, according to a new report.
IRS highlights International Fraud Awareness Week; taxpayers urged to protect against scams, schemes
November 13, 2023
As part of ongoing efforts to protect taxpayers, the Internal Revenue Service reminds people that International Fraud Awareness Week serves as an important time to protect personal and financial information from scam artists and tax schemes.
Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024
November 13, 2023
With the nation's tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help "get ready" to file their 2023 federal tax return.
The ERC nightmare (podcast)
November 06, 2023
Lots of businesses have claimed the Employee Retention Credit who don't actually qualify for it — and in many cases it's going to be up to their accountants to set them right. Randy Crabtree of Tri-Merit Tax Specialty Tax Professionals and the Unique CPA podcast dives into how you can know if a client qualifies, as well as the intricacies of some other major tax credits.
IRS extends time to 'perfect' R&D tax credit claims
November 01, 2023
The Internal Revenue Service is once again extending for another year the transition period during which taxpayers have 45 days to perfect a research credit claim for refund before the IRS makes its final decision about the claim. They will now have through Jan. 10, 2025, to perfect the claim.
IRS opens free Energy Credit Online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit
November 01, 2023
The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS. Known as IRS Energy Credits Online or IRS ECO, this free electronic service is secure, accurate and requires no special software. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles.
What the tax gap tells us
October 31, 2023
On Oct. 12, 2023, the Internal Revenue Service released the long-awaited, updated tax gap estimates. The tax gap measures how much the U.S. Treasury loses annually due to taxpayer non-compliance.