Tax

Changes to Form 1099-K

Recent changes in reporting requirements will lead to mistakes, but taxpayers should not ignore them.

Line items

More Schedule K-2 and K-3 FAQs posted ... SALT cap challenge is denied Supreme Court review ... Supreme Court holds Tax Court not bound by petition filing deadline ... IRS funding, technology assessed in House hearing ... Treasury equity action plan reports progress

Senators request details on IRS info return destruction

The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.

IRS audit rates decreased most for wealthy, GAO finds

In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.

TIGTA: IRS should work to expand e-filing

The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.

Where to find August’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

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