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Taxation

  • Corporate Tax Executives Brace for More Disclosure on Global Liabilities

    By:
    S.J. Steinhardt
    |
    May 17, 2023
    As investors and regulators demand more disclosure about corporate tax liabilities, corporate tax executives fret about the implications of more disclosures. Chief among them are the costs of collecting the necessary details and how they will be understood by investors and regulators.

  • IRS Commissioner Promises to Fix Bias in Audits of Black Taxpayers

    By:
    S.J. Steinhardt
    |
    May 16, 2023
    In response to a recent finding that Black taxpayers are audited at higher rates than non-Black taxpayers, IRS Commissioner Daniel Werfel assured the U.S. Senate Finance Committee chair that the agency is taking steps to address and fix the discrepancy.

  • IRS to Roll Out Pilot Free-File System Next January

    By:
    S.J. Steinhardt
    |
    May 16, 2023
    The IRS plans to introduce a pilot program for its own free direct-file system in January 2024.

  • IRS Takes Steps to Protect Employees’ Identities

    By:
    S.J. Steinhardt
    |
    May 15, 2023
    The IRS is taking measures to protect the identities of its employees because some of them have been contacted by taxpayers via personal telephone numbers and social media sites.

  • IRS Proposes New Guidance for Domestic Content Tax Credit

    By:
    S.J. Steinhardt
    |
    May 15, 2023
    The Department of Treasury and the IRS have issued a notice of intent to propose guidance for rules that taxpayers must satisfy to in order to qualify for domestic content bonus credit amounts. The notice also provides proposed rules for the required record keeping and certification.

  • TIGTA: IRS Knowledge Management System Needs Improvements

    By:
    S.J. Steinhardt
    |
    May 9, 2023

    IRS employees have experienced difficulties using the enterprise-wide Knowledge Enterprise System, a Treasury Inspector General for Tax Administration (TIGTA) report has found.

  • Sen. Gillibrand Demands IRS Action on Outstanding ERC Claims

    By:
    S.J. Steinhardt
    |
    May 8, 2023

    Almost one million New York businesses are still owed an employee retention credit (ERC) for keeping workers on staff during the first two years the pandemic, and Sen. Kirsten Gillibrand (D-N.Y.) has asked IRS Commissioner Daniel Werfel to work more quickly through the agency's backlog.
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