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IRS renews focus on targeting high-income nonfilers
The Service said it would send compliance letters to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns had not been filed since 2017.
IRS announces delay for Form 1042 e-filing requirement
U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
IRS to begin audits of personal, business use of corporate jets
IRS Commissioner Danny Werfel said the audits would focus on use of aircraft by large corporations, large partnerships, and high-income taxpayers.
Form 1099-K frequently asked questions revised
The IRS published nearly 50 new or updated frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, addressing common situations and clarifying for the payment card industry which organizations should issue the forms.
Study: IRS could collect billions more with full funding
A new study shows that the Service could collect $561 billion in tax revenue over 10 years if it receives the full funding from the Inflation Reduction Act of 2022 as written.
Auto depreciation limitations increase
The IRS issued higher new inflation-adjusted depreciation limitations for passenger automobiles placed in service in 2024, including those for which bonus depreciation is applied.
