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Author Archives: Admin

ERC disallowance letters sent to 20K+ taxpayers

  • 06 Dec 2023
  • Admin
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The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

Supreme Court hears arguments in challenge to Sec. 965 transition tax

  • 06 Dec 2023
  • Admin
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At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.

FinCEN extends BOI reports deadline for certain companies

  • 29 Nov 2023
  • Admin
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Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

IRS surveys tax professionals to help it improve services

  • 27 Nov 2023
  • Admin
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The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

Lower Form 1099-K threshold delayed again

  • 21 Nov 2023
  • Admin
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The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

Prop. regs. issued on conservation easement deduction disallowance

  • 17 Nov 2023
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The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

Proposed crypto regs. define ‘broker’ too broadly, industry says

  • 15 Nov 2023
  • Admin
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The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

Werfel: IRS must move quickly to show what a well-funded agency can do

  • 14 Nov 2023
  • Admin
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While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

IRS announces annual inflation adjustments for tax year 2024

  • 09 Nov 2023
  • Admin
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The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

FinCEN will allow use of identifier in beneficial ownership reporting

  • 08 Nov 2023
  • Admin
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Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
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Recent Posts

  • ERC disallowance letters sent to 20K+ taxpayers
  • Supreme Court hears arguments in challenge to Sec. 965 transition tax
  • FinCEN extends BOI reports deadline for certain companies
  • IRS surveys tax professionals to help it improve services
  • Lower Form 1099-K threshold delayed again

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