The Internal Revenue Service continues to work on reviewing all claims regarding the Employee Retention Credit (ERC). The IRS strongly encourages businesses to utilize the Voluntary Disclosure Program (VDP) if they incorrectly claimed ERC but did not meet the...
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Month: January 2024
IRS Suspends Crypto Reporting Rules, Exempting Transactions Over $10,000
On January 16, 2024, the Treasury Department and Internal Revenue Service issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until the Treasury Department and...
National Taxpayer Advocate Finds IRS Insufficiently Responsive to Taxpayers and Identifies Other Shortcomings.
Our National Taxpayer Advocate, Erin Collins, released her 2023 annual report to congress this week, describing the most serious problems facing taxpayers. She addressed the IRS’ backlog of 1.9 million unprocessed amended returns, and the fact that more than 4.3...
IRS Helps Taxpayers Prepare to File for 2023
The IRS issued its third in a series of helpful reminders to taxpayers preparing to file their 2023 income tax returns. The IRS has an interactive assistant online that taxpayers can use to confirm whether they need to file, who qualifies as a dependent, and whether...
