Trustee Nabs Joint Income Tax Refund in Spouse’s Bankruptcy
By David J. Light An Ohio couple must pay their entire federal income tax refund, minus applicable exemptions, to the …
IRS Proposes Regs to Identify Monetized Installment Sale Transactions as Listed Transactions
The IRS has issued proposed regs that would identify monetized installment sale transactions and substantially similar transactions as listed transactions, …
Analysis: How the Tax World Has Responded to Stanford’s Study on Black Audit Rates
In the months following the release of joint research finding Black taxpayers are more frequently audited than others, the tax …
IRS Continues ERC Fraud Focus; New FAQs Get First Update
By Debbie Tam We have the first update to the IRS’ recently released new FAQs regarding the Employee Retention Credit (ERC). …
Ruling Discusses When Cryptocurrency Staking Rewards Are Income
The IRS has issued a revenue ruling on when cryptocurrency staking rewards are income and in what year the income …
Crypto Miners, Wallet Makers May Not Be Digital Asset Brokers, Strategist Says
Positing who should need to report certain cryptocurrency transactions under a controversial recent addition to the Tax Code, a former …
Wyden Introduces Bills Revoking PGA/Saudi Tax Exemption & Tax Break
With the surprise merger between the PGA Tour and the Saudi Public Investment Fund (PIF) pending, Senate Finance Committee Chairman Ron Wyden, …
Bicameral GOP Bill Would Expand Child Tax Credit
A bill sponsored by Republicans in both the House and Senate would expand the Child Tax Credit to include unborn …
Chief Counsel Provides Guidance on ERC Eligibility for Supply Chain Disruption
In a Generic Legal Advice Memo, IRS Chief Counsel discussed whether an employer experienced a full or partial suspension of their …
IRS Ends Majority of Unannounced In-person Collection Visits
From now on, if someone comes to your home or place of business, they will highly unlikely be an IRS …