Michael Cohn

Tax pros who have begun working on their clients' returns are encountering a slight change in wording at the top of Form 1040.

A chief counsel memo says taxpayers who want to claim tax deductions for donating cryptocurrency need to first receive a "qualified appraisal" if the amount exceeds $5,000.

The Internal Revenue Service pledged to improve taxpayer service this year.

The new year brings a new tax season and the opportunity to advise clients on ways to save money on their taxes.

The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly.

The Treasury Department announced a timeline for offering more information on some of the main tax provisions of the Inflation Reduction Act.

Tax experts are hypothesizing what will happen in Congress during the lame-duck session and over the next two years.

Four out of five executives believe there will be a recession in the next six months, according to a survey from PwC.

"ERC mills" are encouraging applications for the tax credit from businesses that may not qualify for the pandemic relief program.

Sheldon Whitehouse, D-Rhode Island, and Roger Wicker, R-Mississippi, introduced bipartisan legislation to put more responsibility on accountants and other financial professionals to safeguard against money laundering and other crimes.

Federal investigators are uncovering billions of dollars in fraud tied to pandemic relief programs.

Taxpayers are concerned the extra $80 billion will lead to more tax audits.

The Empire State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions.

There were signs of improvement in terms of audit engagements and quality control systems.

Commissioner Rettig is promising not to use the nearly $80 billion his agency will be receiving to increase audits of small businesses or taxpayers who earn less than $400,000.

The wording has changed from "virtual currencies" to "digital assets" in general, and there are other changes too.

DAFs have been receiving more than half their contributions from complex assets such as shares of public and private companies, real estate and cryptocurrency in the past five years.

The service’s recent policies expedited the hiring of new employees, but prolonged delays in eligibility verification could increase the risk of exposure of taxpayer data, according to a new report.

NTA Erin Collins expressed concern Wednesday about continuing delays by the service in processing tax returns filed on paper last year.

A congressional appropriations committee wants to give the Internal Revenue Service $1 billion more in funding to improve taxpayer service and technology and make the overall tax system fairer.