Preparing For IRS’s Compliance Efforts In Crypto

Oct 20, 2023 | Taxes

Taxpayers, and the accounting and legal professionals who represent them, need to be prepared as the Internal Revenue Service has begun compliance work on those who own and trade in cryptocurrencies. “A CPA needs to advise their clients that the IRS is looking into...

IRS To Ramp Up Compliance Efforts on High-Income Taxpayers, IR-2023-166

Oct 20, 2023 | Taxes

The Internal Revenue Service detailed plans on some of the high-income taxpayers that will be targeted for more compliance efforts in the coming fiscal year. IRS Commissioner Daniel Werfel, during a September 7, 2023, teleconference with reporters, said that the...

Reliance Rules for Amortizing Research Expenditures Provided, Notice 2023-63

Oct 20, 2023 | Taxes

Taxpayers may rely on a notice that describes proposed regulations that will address the amortization of qualified research and experimentation (R&E) expenses. Before 2022, R&E expenses were currently deductible, but the Tax Cuts and Jobs Act (P.L. 115-97)...

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...

Employee Retention Credit Scams Added to IRS “Dirty Dozen”

Apr 28, 2023 | Taxes

The IRS added widely circulating promoter claims involving Employee Retention Credits (ERC) as a new entry in the annual Dirty Dozen list of tax scams. These promotions can be based on inaccurate information related to eligibility for and computation of the credit....

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...