IRS

The high court heard arguments in a case about a commonly used succession planning tool for closely held businesses that may affect advisors' clients.

The agency has indicted almost 800 people for COVID fraud, and has a 98.5% conviction rate.

Ippei Mizuhara and an alleged bookmaker are under criminal investigation by the Internal Revenue Service, the agency confirmed.

Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.

Financial advisors and tax pros say the exemption poses a lot of complexity — and substantial savings. But it could go away at the end of next year.

A Brazilian-American businessman who lives in Florida was charged with using Credit Suisse Group AG, UBS Group AG and other Swiss banks to hide more than $20 million in assets from U.S. tax authorities over 35 years.

Some companies are misrepresenting when food and wellness expenses can be paid for by FSAs, HSAs and other health spending plans.

Financial advisors and tax professionals say many clients get too fixated on April 15 without understanding the benefits and ease of pushing back the deadline.

A new GAO study adds more fuel to the research suggesting the agency should be probing more rich households. Tax pros say those efforts will have big implications.

The tax authority is drafting final regulations that would require crypto brokers, including exchanges, to report detailed information on their clients' transactions.

Planners who recommend the increasingly popular charitable vehicles could face penalties for what's currently a pretty common practice in the industry, experts say.

The agency will begin three to four dozen new audits this spring to see if inappropriate deductions were made.

The IRS wants to help businesses know when they don't qualify for an Employee Retention Credit.

A provision paying for breaks for parents and business owners has earned widespread praise, but an expert says financial advisors should be on alert.

Financial advisors and tax professionals with clients who bet online or at casinos must guide them through the choice of classifying as amateur or professional.

As the Internal Revenue Service develops guidance to implement these statutory requirements, it is finding it necessary to make some compromises.

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 IRS and Labor Department issued guidance on the new savings vehicles, but financial advisors and other wealth management professionals have questions.

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.

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives."