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Simpler IRS notices are coming
The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayers’ experience while reducing call volume.
Reporting of digital assets as cash delayed until IRS issues regs.
Businesses do not have to include the receipt of digital assets as cash in determining whether cash received in a single transaction is over the $10,000 threshold for purposes of reporting under Sec. 6050I until the IRS issues final regulations.
IRS enforcement efforts collect $520 million from wealthy taxpayers
Commissioner Danny Werfel reported the IRS had collected $520 million from wealthy individual taxpayers as part of new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations and gave an update on IRS modernization progress.
Taxpayer advocate: IRS again fails tax pros with PPS call answer rate
In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the Practitioner Priority Service line, which had a 29% call answer rate.
IRS collects record-setting $4.9 trillion in tax revenue in FY 2022
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in fiscal year 2021.
ERC voluntary disclosure program requiring 80% claim payback launched
The IRS inaugurated a program allowing businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.
