Source: IRS The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts against large partnerships, corporations and high-income individuals as well as promoters of sophisticated tax-dodging schemes. Initially the agency will be pursuing 1,600 millionaires who owe […]
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Source: IRS IR-2023-172, Sept. 15, 2023 WASHINGTON —As part of larger transformation work underway to make improvements, the Internal Revenue Service announced the opening of more than 3,700 positions nationwide to help with expanded enforcement work focusing on complex partnerships and large corporations. These compliance positions will be open in more than 250 locations nationwide and […]
Source: IRS Statements and Announcements Agency focus will shift attention to wealthy from working-class taxpayers; key changes coming to reduce burden on average taxpayers while using Artificial Intelligence and improved technology to identify sophisticated schemes to avoid taxes IR-2023-166, Sept. 8, 2023 WASHINGTON — Capitalizing on Inflation Reduction Act funding and following a top-to-bottom review […]
Issue Number: IR-2023-161 WASHINGTON — September is National Preparedness Month. With the peak of hurricane season just ahead, the Internal Revenue Service reminds taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023. Taxpayers can begin getting ready for a disaster with a preparedness plan that includes […]
Issue Number: IR-2023-157 Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300. The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the […]
IR-2023-153, Aug. 25, 2023 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would require brokers to report sales and exchanges of digital assets by customers. The proposed regulations cover a range of digital asset issues where there have been questions, including defining brokers and requiring proceeds to be […]
Source: IRS Issue Number: IR-2023-142 WASHINGTON – The Internal Revenue Service reminds eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home’s […]
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IRS Rev. Ruling on Skating
Issue Number: rr-23-14 Inside This Issue The revenue ruling clarifies that this is also the case if a taxpayer stakes cryptocurrency through a cryptocurrency exchange and the taxpayer receives additional units of cryptocurrency as rewards as a result of the validation. Revenue Ruling 2023-14 will be published in Internal Revenue Bulleting 2023-33 on Aug. […]
A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024. The Corporate Transparency Act (CTA) establishes uniform beneficial ownership information reporting requirements for […]
Frequently Asked Questions FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule. These FAQs are explanatory only and do not supplement or modify any obligations imposed by statute or regulation. Please refer to the Beneficial Ownership Information Reporting Rule, available at www.fincen.gov/boi, for […]