IRS

From practice management to complex strategies, the fourth quarter presents major opportunities for clients to find savings and prepare for the next 12 months.

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

The service issued its annual adjustments for retirement plans, with some reflecting changes in the SECURE 2.0 Act.

The agency recommends that financial advisors, tax professionals and their clients start by using a tool on its website and offers a few other helpful words of advice.

With the agency receiving tens of billions of dollars from the Inflation Reduction Act, a new watchdog report identified several areas for improvement.

Beneficiaries and retirement account owners born in 1951 in particular may be in luck.

The late actor's estate fell short in a five-year quest involving the distribution of a hedge fund position when his financial advisor left UBS for Merrill Lynch.

Inflated charitable deduction claims have led to dozens of audits and millions of dollars in additional payments to the agency.

The new guidance from the agency lays out the complicated rules for qualifying for up to $5,000 in subsidies per residence under the Inflation Reduction Act.

A taxpayer failed in his quest to use the "reasonable cause and good faith" exception to avoid an IRS fine of hundreds of thousands of dollars.

The agency's criminal investigation arm has opened probed at least 252 claims under the pandemic-era employee retention credit amounting to $2.8 billion worth of subsidies.

Fraudsters are ever-inventive, and accountants and tax pros need to make sure their clients keep vigilant.

The new positions, which will be in more than 250 locations, will help ramp up compliance efforts against high-income earners, partnerships, large corporations, and promoters.

Commissioner Danny Werfel's announcement of a massive effort "to ensure the IRS holds our wealthiest filers accountable" caught experts' attention.

The service will need to tread carefully with how it uses artificial intelligence amid growing questions about the reliability of the technology.

The potential rules for sales or exchanges of cryptocurrency could reduce tax evasion and provide easily understandable documentation, experts said.

The agency and the Treasury Department two-year reprieve gives retirement advisors time to prepare — and a preview of upcoming guidance about Secure 2.0.

Five experts helped FP compile a big list of potential deductions and strategies surrounding retirement plans and business entity structures.

The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions.

The decision displays how an exemption for two weeks of rental income named for the major PGA golf tournament does not provide a blank check, experts said.