The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
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Tax
Fraudsters get $47 million from practitioner priority service line scheme
The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.
GAO recommends improvements to IRS’s private debt collection program
A U.S. Government Accountability Office report highlights a need for enforcement equity assessment and better taxpayer communication.
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IRS releases updated draft of Form 1099-DA for digital assets … ERC disallowance letters go to 28K businesses, moratorium adjusted … Tax practitioner complaint leads to review of advocate phone service … Melancon: Supreme Court decisions are ‘big deal’ for tax pros … 5 new warning signs of a bad claim for pandemic-era ERC … 5 new warning signs of a bad claim for pandemic-era ERC … Funding spurs IRS improvements, but challenges remain, commissioner says
Missed due dates: Diligence and the lurking danger
The IRS’s increased enforcement efforts come at a time when claims related to late or missed filings are increasing. A docket system can help avoid these errors, but it can’t do it alone. It needs your diligence.
NIL organization denied tax-exempt status
Compensating student-athletes for their name, image, and likeness does not serve an exempt purpose, the IRS again rules.
New and enhanced energy tax credits for individuals
Help clients save money on green vehicles and home energy upgrades.
The IRS did not abuse its discretion in sustaining levy
The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.
Annual inflation adjustments announced for tax year 2025
The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
Analysis, clarity, and a quiz: A preview of the National Tax Conference
Two tax experts detail sessions of note and what practitioners can gain from the event in mid-November in Washington. Listen to the episode or read the Q&A.
IRS processing 400K ERC claims with about $10 billion in eligibility
Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.
Social Security wage base announced for 2025
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
TIGTA says IRS should review $42 billion in ERC claims
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.
Final regs. target syndicated conservation easement transactions
The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.
IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions
The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.
Tax planning for the SALT cap
Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.
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Supreme Court overrules 40-year-old Chevron doctrine … IRS collects $1 billion from high-income people who owed back taxes … Proposed regs. address interest recapture on excess COVID-19 credits … Tax pros: IRS improving, but getting the right answer takes too long … Final regs. issued for 1% excise tax on corporate stock repurchases … IRS issues final regs. on reporting requirements for digital assets
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