Current Former IRS Leaders Set Tone for Agency’s Next Chapter
The newly named acting commissioner of the IRS, along with two former holders of the position, outlined the agency’s immediate …
Republican Tax Writers Fear Funded IRS May Surveil Bank Accounts
Two Republican members of the House of Representatives Ways and Means Committee questioned whether the IRS intends to use its …
IRS Veteran O’Donnell Is Named Agency’s Acting Commissioner
Douglas O’Donnell has been designated acting commissioner of the IRS and will succeed Commissioner Chuck Rettig when Rettig’s term ends …
2023 PTIN Renewal Period Now Underway
Tax professionals can now renew their Preparer’s Tax Identification Number (PTIN) for 2023. All current PTINs will expire on December …
Nonprofits Seek Updated Standard for Energy-Efficient Building Deduction
Four nonprofit organizations have asked the Treasury Department to update the standard used by builders in claiming a tax deduction …
2023 Contribution Limits: 401(k) increases to $22,500; IRA to $6,500
The IRS has released 2023 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. (IR 2022-188; Notice 2022-55, …
IRS Withdraws 2006 Proposed Regs on Previously Taxed Earning and Profits
The IRS has withdrawn 2006 proposed regulations that provided guidance on the exclusion from gross income of previously taxed earnings and profits …
TIGTA Reports Serious Challenges Facing IRS for FY 2023
J. Russell George, the Treasury inspector general for tax administration, has submitted a memorandum to Treasury Secretary Janet Yellen offering …
IRS Issues 2023 Tax Inflation Adjustments
The IRS announced inflation adjustments for tax year 2023. The items adjusted for annual inflation include tax rate schedules, the …
Transfer Pricing Audits Likely to Rise, Tax Expert Says
The IRS is poised to use its $80 billion appropriation from the Inflation Reduction Act (PL 117-169), over half of …