Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
An understatement of gain due to a sham transaction does not extend the statute of limitation.
The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.
FAQs advise taxpayers to maintain records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
The Tax Court can review the rejection of a whistleblower award claim.
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and use of data analytics.
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
TIGTA memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
The IRS announces a settlement initiative for abusive microcaptive insurance transactions.
Investors must file to report QOF investments held at the beginning and end of the current tax year, current-tax-year capital gains deferred by investing in QOFs, and QOF investments disposed of during the current tax year.
This article discusses the information return filing requirements and associated penalties, how to avoid incurring the penalties, and how the penalties can be contested if they are imposed by the IRS.
The procedures allow qualifying former U.S. citizens who have relinquished U.S. citizenship to comply with their U.S. income tax and reporting obligations without paying any unpaid taxes and penalties.
The IRS launches fresh efforts to promote awareness of data security issues.
The IRS’s updated e-Services platform is intended to facilitate more efficient and cost-effective communications with practitioners.
A deficiency notice that identifies two separate taxpayers is not a valid notice that confers jurisdiction on the Tax Court.
Businesses should consider taking advantage of programs available from the IRS and the Social Security Administration to confirm the accuracy of individuals’ TINs before finalizing their 2019 information returns and statements.
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Marijuana businesses are unable to deduct most ordinary business expenses. However, COGS is allowable as an adjustment to gross receipts.