The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.
The IRS’s definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.
The IRS also has posted general Superfund FAQs and tax rates for some chemical substances subject to the recently reinstated excise tax.
Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.
By agreeing to hear a Romanian-born businessperson’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.
The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.
Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.
Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.
A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.
Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
Emails appearing to come from the Internal Revenue Service or a tax software provider may aim to steal tax return preparers’ account and client information.
The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.
