IRS

The Internal Revenue Service crime unit that played a leading role in the Binance Holdings Ltd. probe is seeing a surge in cases involving crypto-related tax evasion.

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.

An anonymous tipster helped the agency catch more than 100 high net worth individuals who paid a combined $71 million in previously avoided taxes.

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 annual IRS announcement could affect certain clients seeking to avoid bumping up against higher rates when they file their federal income taxes.

Among other things, they may unintentionally snare mutual funds, an expert testifies.

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 regulations address new subsections of the law from the SECURE 2.0 Act.

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