IRS

The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States.

Source: irs.gov

As Tax Season Looms, Form 1042 Makes the Leap to Digital Filing

As Tax Season Looms, Form 1042 Makes the Leap to Digital Filing
As Tax Season Looms, Form 1042 Makes the Leap to Digital Filing
January 26, 2024  |  Taxes

Tax season is here, and the march towards digitization of records and electronic filing continues. Get the Full Story Complete the form to unlock this...

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IRS Delays Requirement to Report Certain Transactions Involving Digital Assets
IRS Delays Requirement to Report Certain Transactions Involving Digital Assets
January 17, 2024  |  Taxes

Businesses do not have to report certain transactions involving digital assets until the Treasury Department and the Internal Revenue Service (IRS) issue regulations. Get the...

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IRS Launches Voluntary Disclosure Program for Businesses That Filed Dubious ERC Claims 
IRS Launches Voluntary Disclosure Program for Businesses That Filed Dubious ERC Claims 
December 21, 2023  |  Disbursements

The Internal Revenue Service (IRS) has launched a new program that aims to assist businesses that mistakenly filed Employee Retention Credit (ERC) claims and want to...

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FTX and IRS Battle Over $24 Billion Tax Claim
FTX and IRS Battle Over $24 Billion Tax Claim
December 12, 2023  |  Cryptocurrency

FTX Trading is reportedly currently locked in a legal dispute with the Internal Revenue Service (IRS) over a $24 billion tax claim. Get the Full...

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Tax Reporting Season Updates and Digital IDs Present Challenges for Businesses
Tax Reporting Season Updates and Digital IDs Present Challenges for Businesses
December 12, 2023  |  Taxes

Wendy Walker, solution principal at Sovos, said changes to IRS reporting that help identify firms may catch some businesses unaware.  Get the Full Story Complete...

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Sika Health Launches Marketplace for Shopping With HSA, FSA Funds
Sika Health Launches Marketplace for Shopping With HSA, FSA Funds
December 06, 2023  |  Healthcare

Sika Health has launched a marketplace that makes it easy for consumers to shop at more than 30 health and wellness brands and retailers with...

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FinCEN Alerts Financial Institutions About Ongoing ERC-Related Fraud Schemes
FinCEN Alerts Financial Institutions About Ongoing ERC-Related Fraud Schemes
November 22, 2023  |  Security & Fraud

Fraud related to COVID-19 relief programs continues to occur “at a concerning scale.” Get the Full Story Complete the form to unlock this article and...

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IRS Delays Implementation of Lower Threshold for 1099-K Reporting
IRS Delays Implementation of Lower Threshold for 1099-K Reporting
November 21, 2023  |  Taxes

The Internal Revenue Service (IRS) has delayed the implementation of the new $600 Form 1099-K reporting threshold for third party settlement organizations (TPSOs), which include payment apps and online marketplaces, for...

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1099-K Reporting Changes Shift Burden of Tax Compliance to Platforms
1099-K Reporting Changes Shift Burden of Tax Compliance to Platforms
November 21, 2023  |  Taxes

Changes in tax reporting loom on the horizon — though recently were delayed a bit — as more commerce moves online. Get the Full Story...

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