July 2023

July 28, 2023

To combat fraud, IRS steps up ERC claim enforcement

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.

July 27, 2023

AICPA advocates for delay in BOI reporting requirements

Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.

July 26, 2023

Final regs. allow assessment of COVID-19 related tax credit refunds

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.

July 25, 2023

IRS ends most unannounced revenue officer visits

IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.

July 24, 2023

Scams are surging in the summer, the IRS says

The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.

July 20, 2023

At the ripe old age of 21, he’s advising the IRS on change

Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.

July 18, 2023

IRS provides transition relief for change in beginning date for RMDs

A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.

July 17, 2023

Commissioner: We are progressing toward a user-friendly IRS

IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.

July 14, 2023

How the IRS can avoid tax deadline confusion in disaster areas

The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.

July 12, 2023

Prop. regs. clarify tax treatment of certain health insurance payments

New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.

July 5, 2023

Study: Deterrence a major factor in bringing in more money from IRS audits

The paper by researchers at Harvard University, the University of Sydney, and Treasury finds that an additional $1 spent on marginal audits of top earners can get a return of $12 in revenue.