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Eligible IRA owners may transfer up to $100,000 in tax-free gifts to charity

Source: IRS Tax pros: Remember individual retirement arrangement (IRA) owners age 70½ or older can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distribution (QCDs), offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at […]

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IRS provides tax inflation adjustments for tax year 2024

IR-2023-208, Nov. 9, 2023 WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 New for 2024 Starting in calendar year 2023, the Inflation Reduction Act reinstates the Hazardous Substance Superfund […]

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Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States Frequently Asked Questions and Answers

Source: IRS Effective for Streamlined Submissions Made On or After July 1, 2014 Q1. Is the 5-percent penalty for Streamlined Domestic Offshore filers intended to reach foreign financial assets in which the taxpayer has no personal financial interest or only a partial interest? No. Read literally, the third paragraph of the description of the scope […]

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Report of Foreign Bank and Financial Accounts (FBAR)

Source: IRS Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement […]

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IRS requests comments on expanding tax certainty and issue resolution programs for business taxpayers

IR-2023-171, Sept. 15, 2023 WASHINGTON — The Internal Revenue Service is requesting comments from taxpayers and advisors about improving and expanding tax certainty and issue resolution options for business taxpayers. The IRS Strategic Operating Plan, under Initiative 2.4, highlights a commitment to enabling taxpayers to resolve potential compliance issues up front, through expanded pre-filing and tax certainty […]

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IRS: Beware of fake charities; check before donating

                  IR-2023-196, Oct. 23, 2023  WASHINGTON —With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate charities. When fake charities scam unsuspecting […]

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IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams

Source: IR-2023-193, Oct. 19, 2023 WASHINGTON — As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new withdrawal option […]

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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 […]