IRS

In a report, TIGTA identified employees moving between large accounting firms and the IRS, often referred to as the “revolving door.”

This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300, released in February.

New IRS guidance marked the second time this year the agency raised the specter of subjecting state refunds to federal income tax.

Is the sale of an NFT subject to tax? Should it be? While lawmakers and tax officials worldwide have at least 91.8 million reasons to ensure tax laws account for sales of NFTs and other new tech, crafting tax policies for NFTs is difficult.

Compliance Tracker ensures accurate and timely tax filings, reducing risk of non-compliance and penalties by incorporating trusted data compiled and maintained by Bloomberg Tax’s in-house tax analysts.

The accumulated earnings tax must be paid in addition to the regular corporate income tax.  Despite recent threats by Congress to raise the ante, this penalty tax remains at the 20% rate.

The guidance is being issued as part of the IRS's efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers.

These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.