Tim Shaw

A year after releasing its game plan on how it intends to spend additional funding from the Inflation Reduction Act ( PL 117-169), the IRS touted its recent transformation efforts and provided an update to future modernization plans to capitalize on what the agency says was a successful tax season.

The IRS has the statutory authority to assess penalties for failing to report control of foreign businesses, the DC Circuit Court ruled, disagreeing with the Tax Court. (Farhy, (CA Dist Col 5/3/2024) No. 23-1179)

Following the sentencing of a former IRS contractor who pleaded guilty to sharing tax information of wealthy individuals with news outlets, a second billionaire highlighted in reporting using their disclosed returns has alleging tax confidentiality violations.

Various energy tax credit programs amended or created by the Inflation Reduction Act ( PL 117-169) likely will not be outright repealed if Republicans take control of the White House and/or the Senate in 2025, but any shift in the political landscape will influence the possibility of future changes, according to a Senate official.

(June 20, 2024) - The Supreme Court held 7-2 in Moore v. US (No. 22-800) on June 20 that the one-time mandatory repatriation tax (MRT) or "transition

An IRS official shared preliminary information on new digital asset tax reporting rules and related guidance Friday afternoon with an audience of tax practitioners as the regs were publicly announced.

Without a dedicated information return, the IRS' "line of sight" into digital asset transactions is limited because of a lack of third-party reporting, according to the Treasury Inspector General for Tax Administration (TIGTA).

The IRS aims to refine how individuals and professionals access their information online and verify their identification as part of its modernization efforts, as agency officials say there are still gaps in access and awareness among taxpayer groups and practitioners that will be addressed in the development roadmap.

The project came about from a long-term client who had purchased a Tudoresque period-style home and needed to fix it up for his family of four.

Practitioners should consider a safe harbor allowing digital asset holders move unused basis between wallets and accounts.