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.
How much do you know about the IRS? Take this pop quiz to find out.
Marijuana businesses are unable to deduct most ordinary business expenses. However, COGS is allowable as an adjustment to gross receipts.
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
A CPA taxpayer was found to have fraudulent intent in various tax minimization schemes he engaged in.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics.
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
LB&I recently announced it was adding six new compliance campaigns to its list of areas on which to focus its examinations.
The IRS released guidance to further recap and clarify the rules for transfer and consent agreements.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.