IRS

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

The IRS and Labor Department issued guidance on the new savings vehicles, but financial advisors and other wealth management professionals have questions.

The Internal Revenue Service and the Treasury released information on tax incentives for installing electric vehicle charging stations and where they can be located.

The American Institute of CPAs is asking to modify the guidance on catch-up contributions in the wake of the SECURE 2.0 Act of 2022.

The former IRS contractor who stole and leaked the tax returns of former President Trump and other billionaires believed Americans had a right to the information, his lawyers told a judge.

PKF O'Connor Davies adds 19 to partnership; Schneider Downs expands advisory practice; and more news from across the profession.

A limited number of tax-exempt organizations won't be able to electronically file their income tax returns until the middle of March due to technology upgrades.

Retirement plan sponsors and advisers receive guidance from the IRS on how to legally incentivize plan participation.

The Internal Revenue Service offered information about how business owners can avoid electronically filing their income tax forms if it violates their religious beliefs.

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The Internal Revenue Service and the Treasury Department told businesses they won't have to report on the digital assets they receive until regulations are issued.

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives."

The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022.

It was an eventful 12 months for practitioners, with new legislation, regulations, court decisions and IRS pronouncements all impacting the tax landscape.

In a change that may affect financial advisors and tax professionals' clients, the agency reversed course on a position it took seven years earlier.

In parallel with stricter enforcement, the tax authority is improving service for taxpayers and tax pros, and working on its technology.

The service reported on its increased enforcement efforts on Friday, including collecting over half a billion dollars from millionaires who didn't pay their taxes.

The official start date of tax season for individual taxpayers will be on Jan. 29, but the Internal Revenue Service plans to accept business tax returns as soon as Jan. 16.

Response times for tax professionals are also a problem, according to the National Taxpayer Advocate's Annual Report to Congress.

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.