IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.
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TOPICS
IRS Practice & Procedure
Dirty Dozen list ends with easements, digital assets, and more
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Proposed regs. issued for 1% excise tax on corporate stock repurchases
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
AICPA: BOI ruling confuses businesses; enforcement should be delayed
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Sale of clean-energy credits: Traps for the unwary
New credits under the Inflation Reduction Act may be transferred for cash, but both buyers and sellers need to observe certain rules and take precautions.
Pond muddies the waters of the mailbox rule
A Fourth Circuit decision seeks a middle ground between Sec. 7502 and common law rules to prove timely mailing of tax returns, refund claims, and other filings.
Tax Court allows hearsay evidence that was part of administrative record
In its review of the IRS’s denial of a request for innocent-spouse relief, the court determines it can consider hearsay evidence that was included in the Service’s administrative record.
IRS online tools for tax practitioners
The IRS has rolled out potentially helpful digital services for tax practitioners as part of its modernization efforts.
Dirty Dozen list from IRS opens with phishing, smishing scams
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Latest federal budget includes $20 billion rescission for IRS
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Enforcement, voluntary programs yield over $1 billion from ERC claims
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Taxpayer notice of third-party contact shortened under proposed regs.
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
Werfel says digital initiatives can transform ‘iconically unpopular’ IRS
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
Tardy to the e-filing party
Exempt organizations having to e-file all returns in the Form 990 series under the Taxpayer First Act’s requirements may encounter logistical issues.
Taxpayers timely filed petition by last date specified in notice
Although mailed after the 90-day deadline had expired, the petition was timely because it was filed within a 14-day extension provided under Sec. 7451(b)(1).
Listing of reportable transactions under the APA
In the wake of court holdings that IRS notices identifying reportable transactions violated the Administrative Procedure Act’s notice-and-comment requirements, the Service has been designating them via proposed regulations.
IRS renews focus on targeting high-income nonfilers
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
IRS announces delay for Form 1042 e-filing requirement
The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
IRS to begin audits of personal, business use of corporate jets
IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.
On Form 1099-K delays, Werfel says IRS must protect taxpayer rights
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.
TAX PRACTICE MANAGEMENT
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