IRS Updates
Monetized installment sale transactions are a strategy used in the sale of assets, such as property or businesses, in which the sale proceeds are almost immediately returned to the seller through a series of transactions designed to avoid immediate tax recognition. The IRS has proposed regulations to address what it views as abusive practices within…
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On February 15, IRS Commissioner Danny Werfel testified before the House Ways and Means Committee. The GOP-controlled Committee has previously expressed its disapproval of the $80 billion allocated to the IRS, later negotiated down to $60 billion during debt ceiling talks. The hearing is part of an ongoing Republican effort to reduce that amount even…
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Getting away without paying your taxes may not be as easy as it used to be—and the penalties could be steep. We’ve written about the IRS’s new budget and how the Service has pledged to use part of those funds to increase its enforcement efforts, particularly with regard to partnerships, corporations, and individuals making over…
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As of the beginning of 2024, the IRS had identified over 1,600 millionaires and billionaires who owed back taxes. In the words of Commissioner Danny Werfel, the Service is now putting in “a laser-focused effort to collect that money.” We’ve previously written about the new funding allocated to the IRS by the Inflation Reduction Act…
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Flush with a cash infusion from the Inflation Reduction Act of 2022, the IRS is using its new funds to provide better service to taxpayers, implement new technology, and intensify its enforcement efforts. As part of its enforcement efforts, the Service is closely scrutinizing partnerships, corporations, and high-wealth individuals to enhance tax compliance and crack…
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On November 24, The Internal Revenue Service (IRS) announced a set of proposed regulatory amendments intended to refine and modernize the tax code’s approach to transactions between partnerships and related entities. This proposal aims to align regulations, some of which date back to the 1950s, with legislative intent and ensure consistency with the statutory provisions.…
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The IRS and the US Department of the Treasury recently introduced final regulations clarifying the definition of a controlling donor and prohibitions on giving to Type I and Type III supporting organizations, and providing guidance around certain requirements for Type III supporting organizations. What is a Supporting Organization? A supporting organization is a tax-exempt entity…
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The Internal Revenue Service (IRS) recently updated its guidelines to permanently extend the option for taxpayers and their representatives to use e-signatures on select forms, returns, and documents. This change should make filing a little faster and easier for taxpayers, cut down on the necessity for in-person interaction, and help reduce unnecessary use of paper.…
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In September, the IRS sparked debate when it announced that it would be using funding from the Inflation Reduction Act to integrate Artificial Intelligence (AI) into its operations. While the move promises to enhance efficiency, streamline processes, and offer more accurate data handling, the move has been met with a mix of support and skepticism…
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If you are an American taxpayer who earns income from abroad, you may already be familiar with the foreign tax credit (FTC). In short, taxpayers who pay taxes to foreign countries for income earned abroad may be able to offset a portion of their tax liability in the US using the FTC. For companies and…
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