The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2020 Census.
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.