The average effective tax rate of profitable large corporations fell from 16% in 2014 to 9% in 2018 after passage of the Tax Cuts and Jobs Act of 2017, according to a new government report.
American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.
National Taxpayer Advocate Erin M. Collins today released her 2022 Annual Report to Congress, saying taxpayers and tax professionals "experienced more misery in 2022" due to paper processing delays and poor customer service. But the report also says the Internal Revenue Service made considerable progress in reducing the volume of unprocessed tax returns and correspondence and is poised to start the 2023 filing season in a stronger position.
The House voted to repeal billions of dollars of Internal Revenue Service funding that Democrats approved last year, an issue that is likely to crop up repeatedly this year.
The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly.
Massive losses and large tax deductions in Donald Trump's returns reveal how the former president was able to use the Tax Code to minimize his income tax payments.
The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The Treasury Department and the Internal Revenue Service today issued Notice 2023-07PDF, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.
The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.
WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
The $1.7 trillion omnibus spending bill that Congress passed Friday just in time for the end of the year contains a number of accounting and tax-related provisions, though it's missing the traditional set of tax extenders and some other much desired tax breaks.
The Internal Revenue Service today released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits in Fact Sheet FS-2022-40PDF.
The new year promises many changes for the IRS, including a new commissioner (nominated, at least) and billions of dollars to spend with just two months left to develop a plan for spending it.
The Treasury Department announced a timeline Monday for offering more information on some of the main tax provisions of the Inflation Reduction Act.
In a letter to Congressional leadership of the Senate Finance Committee and the House Ways and Means Committee, the American Institute of CPAs expressed deep concerns regarding the Form 1099-K, Payment Card and Third Party Network Transactions, reporting threshold that was lowered to $600 for 2022 and will lead to significant confusion in the tax system in the coming months. Under section 9674(a) of the American Rescue Plan Act of 2021 (ARPA), the de minimis threshold decreased from $20,000/200 transactions to $600 for any number of transactions, effective for 2022 Forms 1099-K, due to be filed in 2023.
The Internal Revenue Service announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today.
The Internal Revenue Service reported this week it received more than $4.9 trillion in tax revenue in fiscal year 2022, and distributed $642 billion in federal tax refunds and other outlays, but a separate report Friday found continuing problems with taxpayer service, tax refund delays and backlogs of unprocessed returns that the IRS plans to address for next filing season.
The Internal Revenue Service published its most recent Financial Report on the IRS.gov website, which provides a glimpse at IRS operations during the recently completed fiscal year 2022.
The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.
The IRS last Friday posted a revised draft version of the 2022 Partnership Instructions for Schedule K-2 and K-3 (Form 1065) and, on Monday, it posted a similar revised version of the 2022 S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S).