U.S. Chamber Joins Calls for Restoring Depreciation, Amortization Addback
The U.S. Chamber of Commerce has joined trade organizations and companies in supporting proposed legislation that would revert a limitation …
Bipartisan Bill Would Raise 1099-K Reporting Threshold
Newly proposed legislation would partly reverse a provision of COVID-19 relief legislation that lowered the transactions reporting threshold for third-party …
Supreme Court: No Notice Required for Third-Party Collection Summons
The IRS wasn’t required to notify third parties about collection summonses sent to three banks, according to a unanimous opinion issued on …
Wyden Sounds Alarm on Republican IRS Cuts
Senate Democrats are pushing back on Republican plans to claw back the $80 billion allotted to the IRS in the …
McCarthy Says Work Requirements Non-Negotiable as Debt Deadline Looms
President Biden and Houser Speaker Kevin McCarthy, Republican of California met May 16 where they were expected to discuss new …
E-Filing Patch to ‘Mailbox Rule’ Growing in Popularity
A proposal to prevent taxpayers from being hit with late penalties when payments and documents are submitted electronically on or …
The Potential of AI in Tax Practice Relies on Understanding its Limitations, Experts Say
Curiosity, conversation, and investment into artificial intelligence are quickly gaining traction in the tax community, but proper due diligence requires …
Senator Asks IRS for Status Update on Employee Retention Credit Backlog
New York Democratic Senator Kirsten Gillibrand has asked the IRS commissioner to provide information on the current state of the …
IRS Proposes to Amend Final Regs on Interests in Life Insurance Contracts
The IRS has proposed amending its final rules on interests in life insurance contracts to provide guidance on how the …
IRS Official: Voice, Chat Bots Continue to Streamline Service
About a year into the full launch of IRS chat and voice bots designed to answer taxpayer questions and encourage …