IRS funding may be reduced in proposed 2024 spending proposal

Under a recently announced bipartisan fiscal year 2024 spending proposal, a portion of IRS funding initially provided by the Inflation Reduction Act (IRA) may be rescinded sooner than first announced. The IRA provided the IRS $80 billion in new funding. Subsequent legislation has chipped away at that amount. The Fiscal Responsibility Act cut $1.4 billion. […]

New E-Filing threshold in effect for 2024

The IRS is reminding businesses required to file information returns of a significant rule change that went into effect on Jan. 1: The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 or more information returns were required to do so electronically. Notably, the […]

IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16 – CNBC https://bit.ly/47yQlX1

Congress nears deal on expanded child tax credit

Congress nears deal on expanded child tax credit – The Washington Post https://bit.ly/3u1vqhr

IRS’s Energy Credits Online tool allows Clean Vehicle Credit within 72 hours

The IRS’s Energy Credits Online tool allows clean vehicle dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of the sale of a qualified clean vehicle. The tool generates a time-of-sale report. The agency has announced that it’s extending the deadline for qualified dealers to submit their […]

IRS collected more than $520 million in back taxes

IRS collected more than $520 million in back taxes from delinquent millionaires so far – NBC News https://bit.ly/3HhxPaN

Bar Association submits comments on investment broker reporting requirements

Recently, the American Bar Association (ABA) submitted comments and recommendations to the IRS about investment broker reporting requirements. This was in response to the Aug. 2023, release of proposed regulations under Sec. 6045 that instructed brokers to include transactions involving digital assets. The ABA contends that the regulations threaten “overly expansive and duplicative reporting, which […]

Americans Moved to Low-Tax States in 2023

Americans Moved to Low-Tax States in 2023 https://bit.ly/3NY72UF

Employers can pay back questionable Employee Retention Credits at discounted rate

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program runs through March 22, 2024, and allows repayment of 80% of the claim received. […]

IRS collects record amount of revenue

In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) stated that the IRS collected a record-setting amount of revenue in fiscal year 2022. It took in $4.9 trillion, $790 billion more than collected in fiscal year 2021. TIGTA’s Trends in Compliance Activities Through Fiscal Year 2022 also reports an estimated “tax gap” […]