IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.
As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims.
The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns.
Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for the payment card industry about which organizations should send Forms 1099-K.
A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written.
The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.
The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.
With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.
The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.