Former IRS Commissioner, Practitioners Weigh In On Strategic Operating Plan
As the tax community digests the IRS’ Strategic Operating Plan detailing its vision for spending the 10-year, $80 billion appropriation …
Werfel Commits to Transparency on Audits, Spending
IRS Commissioner Daniel Werfel told the Senate Finance Committee April 19 that the agency was fully committed to transparency in …
Digitization Led to Successful Tax Season, Officials Say
Early efforts by the IRS to deploy Inflation Reduction Act (PL 117-169) funds towards expanding electronic filing tools and implementing …
CPAs Comment on Interim Corporate AMT Guidance
As the IRS considers guidance and proposed regs on the corporate alternative minimum tax (CAMT) established under the Inflation Reduction …
Rev Proc: Safe Harbor for Gas Transmission Expenditure Accounting
The IRS has released a revenue procedure that provides a safe harbor method of accounting that taxpayers may use to …
FedEx Secures Foreign Tax Credit Win in Offset Earnings Battle
Finding that Treasury’s final transaction tax reg conflicts with the Tax Code, a federal district court agreed with transport industry …
IRS: April 18 Is Deadline for Making 2022 IRA Contributions; April 15 Is Deadline for Removing Excess Plan Deferrals
On April 11, 2023, the IRS reminded individual taxpayers that they have until April 18, 2023, to make contributions to a traditional …
DOJ Touts Efforts to Crack Down on Fraudulent Tax Preparers
The Department of Justice, ahead of Tax Day, advised taxpayers to exercise extreme caution in selecting tax preparers and touted …
Micro-Captive ‘Transactions of Interest’ Prop Regs Released
The IRS has issued proposed regs that identify transactions that are the same as, or substantially similar to, certain micro-captive …
IRS Commissioner Details Strategic Operating Plan for Inflation Reduction Act Funding
On April 6, 2023, new IRS Commissioner Daniel Werfel and Deputy Treasury Secretary Wally Adeyemo held a conference call to discuss …