Of the roughly $26 billion left to the Internal Revenue Service from the money allotted to it by the Inflation Reduction Act, the agency has spent almost two-thirds, according to a new study. The report by the Treasury Inspector General for Tax Administration examines what the agency has done with
Richard Hatch, winner of the inaugural season of reality competition show “Survivor” 26 years ago, was ordered to pay $3.3 million in back taxes on that win by a federal judge this week. Processing Content Shortly after winning the $1 million prize in 2000, Hatch was accused of tax evasion
A journalist with no coding experience at all has created his own tax filing app, but is looking for experts to stress-test it since all the code was written by artificial intelligence. Processing Content Ryan Lizza, in an article posted on Telos News, explained the various ways he was unhappy
The Internal Revenue Service has been examining only a tiny fraction of tax filings from large partnership filings due to staffing shortages and other resource constraints for auditing the complex returns, according to a new report. Processing Content The report, released Monday by the Treasury Inspector General for Tax Administration,
CPAs and their clients, dealing with the new 1099-DA digital asset rules for the first time this year, have encountered a rather gross problem leading to increased stress and work. Specifically, brokers this year are only reporting gross proceeds from digital transactions, leaving the client and the accountant to work
Paul Griggs, U.S. senior partner and CEO for Big Four firm PwC, said they plan to adjust billing model in certain areas to factor in AI, and added that if any of those same human professionals have a problem with it they have no place in this firm. Processing Content Griggs,
AI can now do most of the boring, routine, repetitive work like data entry, transaction coding and AP/AR, which raises the question of what exactly the human accountants will be doing. According to several major software vendors featured during the Institute of Management Accounting’s technology showcase, the answer apparently is
The Internal Revenue Service said Friday that more than 1.2 million taxpayers only have until April 15 to claim a total of approximately $1.2 billion in refunds for tax year 2022. Processing Content The IRS estimates the median refund amount is $686, with about half of them for a greater
GI series; On the eve of redemption; telecom con; and other highlights of recent tax cases. Processing Content Burlington, North Carolina: A Burlington woman has been sentenced to 25 months in federal prison after pleading guilty to helping clients file false tax returns. Tracey Hernandez, 39, pleaded guilty to one
The Internal Revenue Service issued a notice Wednesday extending temporary relief for another year on using alternative methods for brokers of digital assets, such as cryptocurrency. Processing Content Notice 2026-20 extends the temporary relief provided last January under Notice 2025-7 for an additional year. The notice allows eligible taxpayers to