Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.