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Simpler IRS notices are coming … Reporting of digital assets as cash delayed until IRS issues regs. … IRS enforcement efforts collect $520 million from
wealthy taxpayers … Taxpayer advocate: IRS again fails tax pros with PPS call answer rate … IRS collects record-setting $4.9 trillion in tax revenue in FY 2022 … ERC voluntary Disclosure program requiring 80% claim payback launched

Tax Court petition is ruled untimely

When a private delivery service is used, it must be one the IRS has specifically identified to satisfy Sec. 7502, the Tax Court holds.

Latest federal budget includes $20 billion rescission for IRS

The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.

Enforcement, voluntary programs yield over $1 billion from ERC claims

On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.

Taxpayer notice of third-party contact shortened under proposed regs.

The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.

Plaintiffs: FinCEN should pause all CTA enforcement

The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.

What kind of deduction is a hobby expense?

In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous itemized deductions under Sec. 67(a).

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