The Treasury Inspector General for Tax Administration said the IRS is uncertain of the location of microfilm cartridges with tax information of both individuals and businesses.
New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.
The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.
The IRS disagrees with court decisions requiring notice-and-comment rulemaking to identify listed transactions, but said it is identifying monetized installment sales transactions as listed transactions in proposed regulations “to avoid confusion and ensure consistent enforcement of the tax laws throughout the nation to prevent disruption of the IRS’s ongoing efforts to identify and examine abusive tax shelters.”
Treasury and the IRS announced Wednesday that by filing season 2024, taxpayers will be able to go paperless if they choose to do so. And by filing season 2025, the IRS will digitize all paper-filed returns when they are received.
The IRS ruled Monday that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received.
CPAs assess how their return preparation products performed.
Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.