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Final regs. modernize process for sale of taxpayers’ property
The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes related to Forms 3520 and 3520-A in a recent blog post. The changes have been long advocated by the AICPA.
Fraudsters get $47 million from practitioner priority service line scheme
The losses occurred over an eight-month period ending in April 2024, according to a report from the Treasury Inspector General for Tax Administration.
