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ERC disallowance letters sent to 20K+ taxpayers
The letters are part of a wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.
Lower Form 1099-K threshold delayed again
The IRS said it would again delay application of the $600 threshold in reportable transactions, this time for the 2023 tax year, with respect to the form reporting payment card and third-party network transactions. For 2024, the Service said it will set the threshold at $5,000.
Prop. regs. issued on conservation easement deduction disallowance
The IRS issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
AICPA adopts revised tax standards
New and revised Statements on Standards for Tax Services took effect Jan. 1, 2024.
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of “broker” “beyond the breaking point,” IRS and Treasury officials were told at a public hearing.
Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act of 2022, P.L. 117-169, provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, Commissioner Danny Werfel said at an AICPA tax conference.
