Michael Cohn

Businesses are likely to see more sales tax audits in 2024 as a result of changes happening across the states, according to a new report.

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

The Internal Revenue Service and the Treasury Department told businesses they won't have to report on the digital assets they receive until regulations are issued.

The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022.

The service reported on its increased enforcement efforts on Friday, including collecting over half a billion dollars from millionaires who didn't pay their taxes.

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

The Internal Revenue Service has updated its frequently asked questions to offer more guidance on what kinds of components can be used in electric vehicles to qualify for tax credits.

The Internal Revenue Service is continuing to combat scammers and promoters encouraging businesses to file claims for the tax credit.

The Internal Revenue Service's Criminal Investigation unit identified $37.1 billion in tax and financial crimes in fiscal year 2023, exceeding the previous year.

The Top 100 Firm is teaming up with a financial planning and RIA firm in a new joint venture.

A short window won't necessarily stop lawmakers from proposing or introducing new legislation, though — if only to position themselves ahead of next November's election.

The service will postpone the lower threshold, but will phase in a threshold of $5,000 for tax year 2024.

The Treasury and the IRS issued laid out possible regs to update the investment tax credit rules to encompass various forms of renewable energy.

The ultra-wealthy are using DAFs and private foundations to avoid taxes and exert influence, at the expense of ordinary taxpayers.

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

Nepsis, a Minneapolis-based financial advisory and investment management firm, has acquired Sevenich, Butler, Gerlach, & Brazil, a tax, accounting and consulting firm in Saint Paul, Minnesota.

Commissioner Danny Werfel and Taxpayer Advocate Erin Collins discussed the enhancements the IRS has been making thanks to the additional billions of dollars of funding.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

The Treasury secretary addressed a group of service employees as the agency fends off cuts pushed by House Republicans.

Taxpayers will now have through Jan. 10, 2025, to fix a refund claim.