The IRS is warning taxpayers about an art donation scheme. Fraudsters are encouraging high-income taxpayers to purchase artwork at “discounted” prices and then wait a year before donating the pieces at inflated fair market values, which are typically significantly higher than the purchase prices. These are the amounts that taxpayers will use for deductible charitable […]

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Federal Deficit Grew to $2 Trillion in FY 2023 https://bit.ly/3QgxYAx 

Read More Federal Deficit Grew to $2 Trillion in FY 2023

One area the IRS is focusing its efforts on is improving the overall taxpayer experience. To that end, the deputy chief of the IRS’s Taxpayer Experience Office, Courtney Kay-Decker, recently published an article outlining efforts “to make improvements and make progress toward the IRS goal of delivering exceptional service every day.” According to Kay-Decker, funding […]

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New IRS guidance is available for a tax credit for eligible home contractors of up to $5,000 per home. Eligible contractors must construct or substantially reconstruct and rehab qualified new energy efficient homes. The credit amount varies by the type of home, the home’s energy efficiency and more. The home must be in the United […]

Read More New guidance issued on home contractor tax credit

Just weeks ago, the IRS halted acceptance of new claims for the Employee Retention Credit amidst fraud concerns. IRS Commissioner Danny Werfel said that a flood of ineligible claims promoted by fraudsters had led to a pause in accepting new claims and added to the processing time for claims filed. Members of the U.S. House […]

Read More House Ways and Means asks for clarification on IRS’s ERC pause

Year-end tax strategies may affect how much retirees pay for Medicare. Here’s what to know – CNBC https://bit.ly/3tv6lef 

Read More Year-end tax strategies may affect how much retirees pay for Medicare

The Tax Court refused to “reward” a corporation when it failed to include customer rewards program revenue in its gross income. The IRS had determined that the taxpayer’s method of accounting was improper because it didn’t treat the program’s operating fund revenue as taxable. The corporation argued it could exclude the revenue because its use […]

Read More Tax Court rules on corporaton’s rewards program

Compliance that’s “holistic, smarter, broader and stronger” is the hoped-for result of the IRS Tax Exempt and Government Entities (TE/GE) unit’s plan for Fiscal Year (FY) 2024. In its recently released FY 2024 Program Letter, TE/GE stressed that its priorities are aligned with those of the IRS’s FY 2023-2031 Strategic Operating Plan. That plan contains […]

Read More IRS Tax Exempt and Government Entities Unit releases 2024 Program Letter