Newsletters

AI Used In Audit Selection For Tax Gap Estimation Needs More Transparency – GAO

The Internal Revenue Service’s use of artificial intelligence in selecting tax returns for National Research Program audits that areused to estimate the tax gap needs more documentation and transparency, the U.S. Government […]

Guidance Provided on Early Retirement Distributions for Emergencies and Domestic Abuse Victims, Notice 2024-55; IR-2024-170

The IRS has provided guidance on two exceptions to the 10 percent additional tax under Code Sec. 72(t)(1) for emergency personal expense distributions and domestic abuse victim distributions. These exceptions were added by […]

Treasury, IRS Announce Tax Loophole and Abusive Partnership Transaction Enforcement Initiative

On June 17, 2024, the U.S. Department of the Treasury and the Internal Revenue Service announced a new regulatory initiative focused on closing tax loopholes and stopping abusive partnership transactions used by wealthy […]

Yellen Offers Little Insight on Administration’s Post-TCJA Plan

Department of the Treasury Secretary Janet Yellen offered members of the House Ways and Means Committee limited insight as to how the Biden Administration will handle […]

Change of Accounting Method Procedures Updated, Rev. Proc. 2024-23

The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. […]

Qualified Derivative Payment Reporting Under BEAT Rules Deferred Until 2027, Notice 2024-43

The IRS intends to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Secs. 59A and 6038A to defer the applicability date of the reporting of qualified […]

IRS Looks To Boost ADR Participation With New Office

In an effort to increase awareness of and participation in the alternative dispute resolution process, the Internal Revenue Service Independent Office of Appeals has formed an […]

IRS Issues Proposed Regs on Information Reporting on Transactions with Foreign Trusts and Large Foreign Gifts, Proposed Regulations, NPRM REG-124850-08

The IRS has released proposed regulations that provide guidance regarding information reporting of transactions with foreign trusts and receipt of large foreign gifts and regarding loans from, and uses of property of, foreign trusts. Further, the IRS has issued proposed amendments to […]

AI Used In Audit Selection For Tax Gap Estimation Needs More Transparency – GAO

Guidance Provided on Early Retirement Distributions for Emergencies and Domestic Abuse Victims, Notice 2024-55; IR-2024-170

Treasury, IRS Announce Tax Loophole and Abusive Partnership Transaction Enforcement Initiative

Yellen Offers Little Insight on Administration’s Post-TCJA Plan

Change of Accounting Method Procedures Updated, Rev. Proc. 2024-23

Qualified Derivative Payment Reporting Under BEAT Rules Deferred Until 2027, Notice 2024-43

IRS Looks To Boost ADR Participation With New Office

IRS Issues Proposed Regs on Information Reporting on Transactions with Foreign Trusts and Large Foreign Gifts, Proposed Regulations, NPRM REG-124850-08

FL - Interest rates for first half of 2025 announced

FL - Guidance provided on taxability of holiday decorations and lighting

IRS Warns of Charity Scams Following Hurricanes Milton and Helene, IR-2024-269

IRS Provides Safe Harbor for Amounts Paid for Condoms, Notice 2024-71

IRS Appeals Secure Messaging Program Office Launches Corporate Group Mailbox Pilot, IR-2024-247

IRS Urges Taxpayers to Enroll for IP PIN Ahead of 2025 Filing Season, IR-2024-278

IRS Accelerates Work on Employee Retention Credit Claims, IR-2024-263

IRS Warns Taxpayers About Scams by Offer in Compromise Mills, IR-2024-243

FL - Updated electronic address and jurisdiction database issued for determination of premiums situs

FL - Guidance provided on sales and reporting of dyed diesel fuel during hurricane helene penalty relief period