In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) found that the agency’s “civil examination enforcement efforts focused on digital assets are mostly indirect and negligible.” One of TIGTA recommendations was that the IRS deputy commissioner "ensure that pertinent divisions and functions … develop a compliance plan that includes the use of Form 1099-DA (Digital Assets) data, case identification, and case selection of digital asset cases.”

The Financial Accounting Standards Board announced last week that it issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. This latest chapter becomes Chapter 6 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, and it represents the completion of the FASB’s Conceptual Framework.

The IRS has renewed a warning to tax professionals about new and continuing schemes through which scammers seek to steal business and taxpayer information. In particular, the IRS warned about scammers posing as new clients and using phishing emails to obtain sensitive information. It also warned about schemes involving phone calls and texting.

The IRS is alerting taxpayers about a new scam involving buying clean energy tax credits. This scam entails unscrupulous tax return preparers who misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act .