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 […]
Read MoreThe 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 reduce taxes and make handsome profits. Fraudulent schemes can threatening taxpayers can include exploitative agreements related to syndicated conservation easements and micro-captive insurance arrangements. Some of these schemes even have an international aspect such as concealing money and digital-assets in foreign accounts. “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility,” said IRS Commissioner Danny Werfel.
Generally, taxpayers can claim a charitable contribution deduction for the fair market value of a conservation easement transferred to a charity if the transfer meets the requirements under Code Sec. 170. Promoters in abusive agreements are offering easement transactions wherein the investor has the opportunity to claim charitable contribution deductions and corresponding tax savings that significantly exceed the amount the investor invested. The IRS has been committed to ensuring compliance with the conservation easement deduction law after the Congress amended the Code Sec. 170 to curb certain abusive transactions. Similarly, micro-captives involve schemes that lack many of the requisite attributes of a legitimate insurance. While many of these schemes are promoted and advertised online, the one thing in common to all are that they promise tax savings that are “too good to be true” and will likely cause legal harm to taxpayers who use them. The IRS warned taxpayers that the agency remains vigilant of these attempts to game the system. With abusive transactions and schemes being of high priority. The agency will challenge and impose penalties, where appropriate.
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 […]
Read MoreThe 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 […]
Read MoreKPMG 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 […]
Read MoreThe 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 […]
Read MoreThe 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 […]
Read MoreReflecting 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 […]
Read MoreThe 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 […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreFlorida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe 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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