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18 Oct 2023, 9:34 am by Jon Brodkin
(credit: Getty Images | Tasos Katopodis ) The Internal Revenue Service yesterday announced details for a pilot of its free filing program for the 2024 tax season. [read post]
18 Oct 2023, 3:32 am by Hardison & Cochran
According to the Internal Revenue Service (IRS), the amount you receive as workers’ compensation for a work-related illness or injury is fully exempt from taxes if paid under a workers’ compensation statute, per IRS Publication 525. [read post]
17 Oct 2023, 7:01 pm by Sabrina I. Pacifici
IRS -“As part of larger transformation efforts underway, the Internal Revenue Service announced today key details about the Direct File pilot for the 2024 filing season with several states planning to join the innovative effort. [read post]
17 Oct 2023, 6:33 am by Lawrence Brown
While the FTX trial has recently been making national headlines, the Internal Revenue Service (IRS), Financial Crimes Enforcement Network (FinCEN), and other federal agencies have been targeting cryptocurrency-related crimes for years. [read post]
17 Oct 2023, 5:52 am
Among several other enforcement priorities, the Internal Revenue Service (IRS) and U.S. [read post]
17 Oct 2023, 5:47 am
Earlier this year, the Internal Revenue Service (IRS) included various forms of abusive trust schemes on its 2023 “Dirty Dozen” list, and it followed this up with the publication of an extensive Abusive Trust Tax Evasion Schemes Toolkit outlining what it considers to be an abusive trust arrangement for federal tax compliance purposes. [read post]
16 Oct 2023, 11:00 pm by Sherica Celine
Section 30D of the Internal Revenue Code was enacted by Section 205(a) of the Energy Improvement and Extension Act of 2008, Division B of Public Law 110-343 (October 3, 2008), to provide a credit for purchasing and placing in service new qualified plug-in electric drive motor vehicles. [read post]
16 Oct 2023, 7:00 am by Mike Habib, EA
When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. [read post]
15 Oct 2023, 2:40 pm by Brian Bernhardt
”        Other taxpayers entitled to relief under Notice 2023-71 whose principal residence or principal place of business is not located in the covered area should call the IRS disaster hotline at (866) 562-5227 to request relief; international callers may call (267) 941-1000. [read post]
12 Oct 2023, 12:20 pm by Benj Edwards
Enlarge (credit: Getty Images) On Wednesday, Microsoft revealed in a Securities and Exchange Commission filing and blog post that the Internal Revenue Service says the company owes the US Treasury $28.9 billion in back taxes, plus penalties and interest, reports the Associated Press. [read post]
12 Oct 2023, 8:20 am by Cari Rincker
HealthCgov notes that employers may be required to provide information about ACA’s Small Business Health Options Program (SHOP) Marketplace plans to their employees, regardless of whether they offer health insurance.[2] The Internal Revenue Service (IRS) also has ACA tax provisions, including reporting requirements. [read post]
11 Oct 2023, 7:09 pm by Sabrina I. Pacifici
CNBC: “Microsoft received Notices of Proposed Adjustment from the Internal Revenue Service for an additional tax payment of $28.9 billion, the company said in an 8-K filing Wednesday. [read post]
11 Oct 2023, 9:25 am by Katelynn Minott, CPA & CEO
Note: You can find the full list of all types of taxable income on the Canadian Revenue Agency’s website. [read post]
9 Oct 2023, 11:00 pm by Sherica Celine
Employers that reimburse employees for the expenses they incur as a result of travel or other business on behalf of the employer (reimbursement of personal expenses almost always being taxable) must adhere to the Internal Revenue Code’s accountable plan rules. [read post]
8 Oct 2023, 9:32 pm by Cari Rincker
Employers additionally must comply with Internal Revenue Service (IRS) payroll regulations. [read post]
7 Oct 2023, 9:05 pm by Melissa Bredbenner
The partnership between RegLab and the Internal Revenue Service (IRS), for instance, developed AI approaches to audit tax returns more effectively and fairly. [read post]
5 Oct 2023, 8:05 am by Paul Caron
Wall Street Journal Editorial, A Case of Tax Fraud—at the IRS: The Internal Revenue Service makes clear that taxpayers who willfully conceal or alter tax documents risk severe penalties. [read post]
5 Oct 2023, 7:41 am by Joshua Smeltzer
The Internal Revenue Service’s proposed classification of non-fungible tokens (NFTs) as digital assets has raised concerns in the blockchain industry and among stakeholders. [read post]
2 Oct 2023, 12:19 pm by Cynthia Marcotte Stamer
The Internal Revenue Service (“IRS”) issued a series of updates and tips on the use of the Voluntary Correction Program (“VCP”) to correct eligible defects in qualified employee benefit plans. [read post]
30 Sep 2023, 5:00 am by Paul Caron
Department of Justice Press Release, IRS Consultant Charged with Disclosing Tax Return Information to News Organizations (indictment): An Internal Revenue Service (IRS) consultant was charged today with disclosing tax return information without authorization. [read post]