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Taxation

  • IRS Begins Talks to Roll Out Pilot Free E-File Option

    By:
    S.J. Steinhardt
    |
    May 31, 2023
    The IRS is now taking steps to implement its pilot test of a free e-file system by holding talks with advocacy groups.
  • Deal to Suspend Debt Ceiling Cuts IRS Funding

    By:
    S.J. Steinhardt
    |
    May 30, 2023
    The legislation resulting from the agreement reached by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) to increase the debt ceiling for two years contains a reduction in the finding allocated to the IRS under the Inflation Reduction Act.
  • IRS Renews Warning of Employee Retention Credit Scams

    By:
    S.J. Steinhardt
    |
    May 30, 2023

    The IRS has renewed an alert to businesses and tax-exempt groups to be wary of companies and individuals promoting their eligibility for the Employee Retention Credit (ERC).

  • IRS to Resume Issuance of Collection Notices

    By:
    S.J. Steinhardt
    |
    May 25, 2023
    Taxpayers and tax preparers should expect a resumption of automated collection notices from the IRS.
  • IASB Issues Amendments to Ease Transition to Global Tax Reform Rules

    By:
    S.J. Steinhardt
    |
    May 24, 2023
    The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes, intended to give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development (OECD)’s international tax reform.
  • Supreme Court: IRS Can Secretly Obtain Bank Records of Taxpayer’s Relatives

    By:
    S.J. Steinhardt
    |
    May 24, 2023
    The U.S. Supreme Court has ruled unanimously that the IRS can summon bank information without notifying account holders under appropriate circumstances.
  • Senate Bill Would Raise 1099-K Reporting Threshold to $10K for Third-Party Platforms

    By:
    S.J. Steinhardt
    |
    May 22, 2023
    Two U.S. senators have introduced legislation to raise the dollar threshold for required reporting on third-party transactions. The Red Tape Reduction Act, introduced by Sens. Sherrod Brown (D-Ohio) and Bill Cassidy (R-La.), would raise that threshold from $600 to $10,000. The senators said that their proposal would ensure “that fewer small businesses and casual sellers receive excessive paperwork for online sales.”