Tax-Exempt Orgs Under Additional House Scrutiny
Lawmakers considered how best to increase transparency around tax-exempt organizations’ activities and funding mechanisms at a July 23 hearing — amid calls …
Federal Reserve Fines Bank for Hidden Tax Prep Fees
The Federal Reserve System Board of Governors issued a cease-and-desist order and assessed a $44 million penalty against a bank …
Required Minimum Distribution Rules Incorporate SECURE, SECURE 2.0 Act Changes
The IRS has issued final regulations updating required minimum distribution requirements for certain retirement plan participants and IRA owners and …
Recaptured Gains from Stock Sale Qualified for Installment Method
Addressing an issue of first impression, the Tax Court determined that the installment method applied to the taxpayers’ gains from …
NIL Collectives Blocked by IRS From Claiming Tax-Exempt Status
The IRS has become stricter in disallowing applications for tax-exempt status filed by organizations created to facilitate name, image, and …
TIGTA: Digital Asset Form Delay Hindering IRS Compliance Enforcement
Without a dedicated information return, the IRS’ “line of sight” into digital asset transactions is limited because of a lack …
Tribune, IRS Spar Over Loper Bright in Anti-Abuse Case
In a dispute between the IRS and a media company over the tax consequences of a disguised sale of a …
Wyden, Crapo Push to Fill Tax Court Vacancies
As the Tax Court nominees approved by the Senate Finance Committee last month await full Senate consideration, the committee considered three more …
Treasury: $1B Past-Due Tax Debt Collected From High Earners So Far
The Treasury Department and the IRS announced that it has collected $1 billion from “high-income, high-wealth” individuals through an enforcement …
Ways and Means Passes Joint Resolution Blocking EV Final Regs
A joint resolution under the Congressional Review Act formally disapproving of final IRS regs implementing Inflation Reduction Act (PL 117-169) tax credit …