If a cash-method taxpayer stakes crypto native to a proof-of-stake blockchain and receives additional units of cryptocurrency as rewards when validation occurs, does that taxpayer include the value of the rewards in their gross income? And in which taxable year? That’s the question addressed in Revenue Ruling 2023-14, which says
The Public Company Accounting Oversight Board has disciplined five auditing firms for violating its rules and standards when communicating with audit committees, part of an overall sweep as the audit overseer ratchets up its enforcement efforts. The PCAOB has begun using sweeps as part of its overall efforts to bolster
David Padrino has been named chief transformation and strategy officer at the Internal Revenue Service, a recently created role that will spearhead improvement at the agency following funding from the Inflation Reduction Act. He has spent more than two decades working in a variety of other leadership roles across local,
Tax professionals and other experts testified during a congressional hearing about the Employee Retention Tax Credit and the issues they and their clients are facing amid constant sales pitches overpromising hefty tax refunds to employers, despite processing delays and vetting by the Internal Revenue Service for rampant fraud. One lawmaker,
Legislation to extend the 20% deduction for pass-through businesses beyond its expiration date in 2025 is attracting bipartisan support in the House and Senate. The Section 199A deduction was included in the Tax Cuts and Jobs Act of 2017, and like many of the tax breaks for individuals and pass-through
The Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit. IRS Commissioner Danny Werfel discussed the changes Wednesday in Atlanta during one of the IRS’s Nationwide Tax Forums, saying the IRS has now mostly
AI and the IRS; the 1099-DA; your best banking products; and other highlights from our favorite tax bloggers. The real world Tax Foundation (https://taxfoundation.org/blog): In the new pink blockbuster, Barbie’s venture from Barbieland introduces her to conflict, judgment, work “and (gasp!) flat feet.” But we all know she has even
The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime. “The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Federal Reserve Chair Jerome
The Internal Revenue Service is seeing a surge of tax scams this summer hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems. Many of the email scams make promises about a non-existent third round of Economic Impact Payments. The IRS said Friday
House Republicans on the tax-writing Ways and Means Committee have introduced legislation aimed at curbing an international tax agreement backed by the Biden administration from taking hold. Rep. Ron Estes, R-Kansas, joined by Ways and Means Committee chairman Jason Smith, R-Missouri, and other colleagues, introduced the Unfair Tax Prevention Act