No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
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The IRS has issued final regulations regarding the de minimis safe harbors from the penalties under Code Sec. 6721 for failure to file information returns and Code Sec. 6722 for failure to furnish payee statements. The regulations also include […]
Read MoreThe Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department today released for publication in the Federal Register final regulations [PDF […]
Read MoreThe IRS released the optional standard mileage rates for 2024. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, […]
Read MoreThe American Institute of CPAs is calling on the Internal Revenue Service to establish a more streamlined and rapid procedure for processing extension requests filed […]
Read MoreThe IRS has intensified its efforts to address questionable dubious Employee Retention Credit (ERC) claims, sending over 20,000 letters to taxpayers about disallowed claims targeting entities without a […]
Read MoreThe U.S. Department of the Treasury’s Financial Crimes Enforcement Network has issued an alert to financial institutions on fraud schemes related to the Employee Retention Credit as part […]
Read MoreThe IRS issued two items of guidance on the excluded entity restriction of the Code Sec. 30D clean vehicle credit, proposed regulations and a revenue procedure. Under the excluded entity restriction, vehicles are […]
Read MoreThe IRS Independent Office of Appeals has released its Focus Guide for 2024, emphasizing enhancements to taxpayer service for fair and impartial resolution of tax disputes without litigation. The Appeals‘ Focus Guide, aligned with […]
Read MoreOther than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
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The IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
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The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
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KPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
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The IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
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Reflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
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The IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
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Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
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Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
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The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
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