Taxpayers Warned Against Spearphishing; IRS Offers Tips to Avoid Scams, IR-2023-62

May 18, 2023 | IRS, Taxes

As part of the annual Dirty Dozen tax scams effort, the IRS and the Security Summit partners have urged taxpayers to be on the lookout for spearphishing emails. Through these emails, scammers try to steal client data, tax software preparation credentials and tax...

IRS Obsoletes Certain Rules for Deducting Pre-TCJA R&E Expenses, Rev. Rul. 2023-8

May 18, 2023 | IRS

The IRS is obsoleting Rev. Rul. 58-74, 1958-1 CB 148, as of July 31, 2023. Rev. Rul. 58-74 generally allows a taxpayer that adopted the expense method for research and experimental (R&E) expenses to use a refund claim or amend a return...

IRS Releases Strategic Operating Plan to Improve Service, Reduce Deficit

May 18, 2023 | IRS

On April 4, 2023, the Internal Revenue Service released the Strategic Operating Plan, which details the agency’s plans to use Inflation Reduction Act resources to transform the administration of the tax system and services provided to taxpayers. The goal of the...

Secretary Yellen Noncommital On Trading CTC For SALT

Apr 28, 2023 | IRS

Department of the Treasury Secretary Janet Yellen was noncommittal on the idea of trading a permanent child tax credit for the elimination of the state and local tax deduction. Yellen was faced with this question during a March 16, 2023, Senate Finance...

Supreme Court Rules FBAR Penalty Applies on Per-Report Basis, A. Bittner, SCt, 2023-1 USTC ¶50,127

Apr 28, 2023 | FBAR, IRS

The U.S. Supreme Court has ruled that the $10,000 maximum penalty under the Bank Secrecy Act (BSA) for the nonwillful failure to file a compliant Report of Foreign Bank and Financial Accounts (FBAR) accrues on a per-report, not a per-account, basis. This ruling...

Taxpayer Advocate Collins Optimistic for 2023

Feb 13, 2023 | IRS, Taxes

Despite a significant number of challenges faced by taxpayers in 2022, National Taxpayer Advocate Erin Collins has reason to be more optimistic for 2023. “We have begun to see the light at the end of the tunnel,” Collins wrote in the 2022 annual NTA report...