The Internal Revenue Service (IRS) and the Treasury Inspector General for Tax Administration (TIGTA) have already issued warnings for the new tax filing season regarding individuals who impersonate IRS employees and demand money from taxpayers. Since October...
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TIGTA Releases Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) recently released its Semiannual Report to Congress for the period April 1, 2017 through September 30, 2017. TIGTA provides oversight for Internal Revenue Service (IRS) activities and Federal tax...
Bitcoin Secrecy a Bust
The U.S. District Court for the Northern District of California recently ordered Coinbase Inc., the world's largest cryptocurrency exchange and storage platform, to provide information to the Internal Revenue Service (IRS) about accountholders who have entered into...
IRS Updates AFRs; Interest Rates Remain Unchanged
The Internal Revenue Service (IRS) has updated its applicable federal rates (AFRs) used for a variety of IRS calculations, such as the minimum interest rate for intra-family loans. For calendar year 2017, AFRs for short-term loans have increased from 0.96 percent to...
What You Need to Know About Deductions for Your Holiday Giving
November kicks off the season of giving, and the donations you make to your favorite charities may also provide you some tax benefits. However, there are some guidelines you should keep in mind as you write those checks.Not all charities are formed alike. Just because...
Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
Long-Term or Short-Term Capital Gain? IRS Plans to Take a Closer Look
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
IRS to Develop Practice Unit on Large Land Development Accounting
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
Mid-Market Related Party Transactions May Lead to Audit
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
