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IRS uses AI to step up audits of large partnerships

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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IRS looks to hire 3,700 employees nationwide to help expand compliance for large corporations and complex partnerships; experienced accountants encouraged to apply for Revenue Agent positions

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 […]

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IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts focused on increasing scrutiny on high-income, partnerships, corporations and promoters abusing tax rules on the books

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 […]

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September is National Preparedness Month; IRS reminds taxpayers to prepare for natural disasters

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 […]

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Form 8300 and Reporting Cash Payments of Over $10,000

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 […]

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Treasury and IRS issue proposed regulations on reporting by brokers for sales or exchanges of digital assets; new steps designed to end confusion, help taxpayers, aid high-income compliance work

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 […]

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IRS: Builders of qualified new energy efficient homes might qualify for an expanded tax credit under Section 45L

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. […]

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Beneficial Ownership Information Reporting

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 […]

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Beneficial Ownership Information Reporting FAQ

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 […]