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IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced it was notifying tens of thousands of businesses their claims were invalid but planned to pay 50,000 legitimate ones.
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
AICPA & CIMA’s CEO, Barry Melancon, CPA, CGMA, said the decisions will create uncertainty for a profession that craves exactitude.
5 new warning signs of a bad claim for pandemic-era ERC
The IRS described leading shortcomings it had found in employee retention credit (ERC) claims and said it planned to briefly reopen its ERC voluntary disclosure program.
Funding spurs IRS improvements, but challenges remain, commissioner says
Commissioner Danny Werfel said the IRS is “reversing situations that have long hampered the IRS and frustrated taxpayers.” Treasury and the IRS announced continued improvements in digital systems, attributing them to funding from the Inflation Reduction Act of 2022, P.L. 117-169.
