IRS Updates
Stay on top of the most recent information from the IRS that can impact your clients.
IRS Posts LTCI Issuer Rehabilitation Letter Ruling
By Allison BellThe transaction should not affect the policyholders' federal income taxes, according to an IRS senior counsel.
August 24, 2022
IRS Will Wipe Away $1.2B in Late Fees From PandemicThe tax agency will automatically issue the refunds or credits for most of the fees to 1.6 million taxpayers by Sept. 30.
August 24, 2022
Offshore Tax Loophole Helps Americans Cheat IRS, Senate SaysLawmakers investigated after billionaire Robert Brockman was accused of hiding $2 billion in offshore trusts and corporations.
August 23, 2022
Debate: How Should the IRS Treat Excess Business Losses?Two professors discuss stretching the limits on these losses for two more years through the Inflation Reduction Act.
August 22, 2022
Want a Better IRS? Simplify the Tax CodeThe Inflation Reduction Act expands its funding by $80 billion over ten years, but that move raises some serious questions.
August 19, 2022
Who Will the IRS Go After With Its $80B Budget Boost?The Inflation Reduction Act beefs up the IRS, but there's a hot debate over which individuals and income levels it will target.
August 18, 2022
Will $80B Solve the IRS's Problems?There are some complicated issues involved with the agency's new budget boost.
August 18, 2022
Inflation Reduction Act Could Spark Surge in Some Home ImprovementsThe Inflation Reduction Act contains some pleasant surprises for taxpayers interested in making certain changes to their homes.