The Internal Revenue Service doesn’t have the authority to independently verify that recipients of Low Income Taxpayer Clinic grants are eligible to receive them, according to a new report. The report, released Tuesday by the Treasury Inspector General for Tax Administration, found the IRS’s LITC Program Office is restricted by
KPMG US set up a subsidiary that has filed an application in Arizona to establish a law firm in the state, with hopes of going national. The subsidiary of the New York-based Big Four firm, known as KPMG Law US, filed an application with the Arizona Supreme Court to establish
Easing restrictions, sharpening personal attention and clarifying denials are among the aims of three pilot programs at the Internal Revenue Service that will test changes to existing alternative dispute resolution programs. The programs focus on “fast track settlement,” which allows IRS Appeals to mediate disputes between a taxpayer and the IRS
The Internal Revenue Service has updated and added new guidance for taxpayers claiming the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit. The updated Fact Sheet 2025-01 includes a set of frequently asked questions and answers, superseding the fact sheet from last April. The IRS noted
Not so Fussy; that’s a wrap; at sea, in the air and on the road; and other highlights of recent tax cases. Rochester, New York: Business owner Scott Reeves, of Victor, New York, has pleaded guilty to tax evasion. Reeves owns Fussy Contracting Inc., a.k.a. Mr. Fussy, a roofing business
Enjoy complimentary access to top ideas and insights — selected by our editors. This week’s stats focus on revenue growth for CAS practices, the best and worst states for corporate taxes, statistics from IRS Criminal Investigation for 2024, how the IRS has handled its Inflation Reduction Act spending through June
Flat tax; doubts about “automatic” IRS calculations; when to shred; and other highlights from our favorite tax bloggers. Buzzing sounds Tax Foundation (https://taxfoundation.org/blog): From July 2021 to September 2022, five states enacted laws to transform graduated-rate income taxes into single-rate tax structures. Where things stand with the states’ flat tax
High-quality, independent audits are essential to investor protection and companies’ efforts to access capital, and they are not possible without firm and fair regulatory oversight. At the American Institute of CPAs, the leading member organization for accounting professionals in the United States, we support tough, transparent and focused regulation if
Final regulations now identify certain partnership related-party “basis shifting” transactions as “transactions of interest” subject to the rules for reportable transactions. The final regs apply to related partners and partnerships that participated in the identified transactions through distributions of partnership property or the transfer of an interest in the partnership by
The Treasury Department and the Internal Revenue Service proposed new rules for the tax credit for qualified commercial clean vehicles, along with guidance on claiming tax credits for clean fuel under the Inflation Reduction Act. The Notice of Proposed Rulemaking on the credit for qualified commercial clean vehicles (under Section