IRS

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."

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.

In a change that may affect financial advisors and tax professionals' clients, the agency reversed course on a position it took seven years earlier.

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.

Financial advisors, tax professionals and their customers can recoup 30% of the cost through credits for qualified upgrades to their residences.

Here's a list of Financial Planning's most important stories in the past year involving the vexing array of complexities with paying Uncle Sam.

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.

More and more fraudsters are impersonating the IRS, so taxpayers need to know how to tell the difference, and what to do if someone tries to scam them.

The IRS is rolling out a voluntary disclosure program to let businesses pay back Employee Retention Credits they claimed in error.

Financial advisors and tax professionals serving self-employed and other entrepreneurial clients start with a choice between two methods, then make careful calculations.

The IRS is forming a centralized oversight strategy for digital assets, but implementing it has been frustrated by delays in the regulatory approval process.