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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.

Inflation-adjusted amounts for health savings accounts are headed up — and up — again.

The IRS will review its processes to make sure it does not audit Black taxpayers at higher rates than others and will make any changes before the next filing season, the IRS commissioner said Monday in response to a university study that showed racial differences in audit rates.

The Internal Revenue Service submitted a report today to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.

The Internal Revenue Service is reportedly planning to try out its own direct-file tax software with a limited group of taxpayers by next tax season.

The IRS, which spent the pandemic years mired in backlogs of mail, said this week that it has processed all paper and electronic individual returns received before January of this year.

Black CPAs were not surprised at the results of a study showing that the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones. They already knew that from their work with clients.