IRS
No Change in IRS Interest Rates for Q3 2023
Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily.
AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan, the AICPA encourages the IRS to issue guidance on recommended areas.
Supreme Court Says the IRS Can Secretly Obtain Your Bank Records
Under an existing statute, the IRS can secretly probe your bank records and potentially those of your relatives without notice.
Modernizing Dated Systems: What the IRS Can Learn from the Latvian Government
What if the IRS was more digitized? Well, they’re trying to do just that.
Senators Introduce Bipartisan Tax Fix Legislation for Online Sellers
Sens. Sherrod Brown and Bill Cassidy want to raise from $600 to $10,000 the sales threshold that would trigger 1099-K forms.
IRS Is Developing Its Own Free Tax Preparation System
The agency said on Tuesday it is taking steps to test out an IRS-run e-filing system called “Direct File” starting next year.
IRS Bumps Up HSA Contribution Limits for 2024
The new inflation-adjusted amounts mean employees will be able to put more money in their HSAs next year than this year.
Former IRS Staffer Gets Jail Time for Identity Theft, Tax Fraud
Deena Vang Lee, a former IRS employee in Fresno, CA, and private tax preparer, received four years and six months in prison.