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IRS wants to streamline tax disputes with new focus on alternative programs
Alternative Dispute Resolution Program Management Office formed.
IRS sitting on $1B that should be in 940,000 Americans’ bank accounts
And the refunds may be missed forever if an upcoming deadline is missed.
Inflation adjustment boosts IRS standard deduction, lifting take-home pay
Decades-high inflation prompted an unusually big tweak for 2023, and as a result, employees can expect to see less tax withheld from paychecks as soon as January.
IRS gives more clarity on how to report digital assets
In the 2022 tax form draft instructions, the agency explicitly says that digital assets include NFTs and virtual currencies.
Advisers prepare clients for audits as stronger IRS enforcement looms
The Inflation Reduction Act will boost the agency's funding by $80 billion over 10 years to strengthen its enforcement and compliance efforts.
Trouble with the IRS? Let an ERPA guide you
A second-generation enrolled retirement plan agent explains how he helps companies smooth out plan problems with the IRS.
Stretch IRAs still exist for some beneficiaries
Although the SECURE Act eliminated stretch IRAs for most beneficiaries, replacing them with the 10-year post-death payout rule, some beneficiaries can still use a stretch IRA.
New rules make IRAs less useful for transferring wealth: Ed Slott
Doing a Roth conversion is one way to avoid a tax hit later, Slott said, and life insurance is another, often-overlooked tool.
Your RMD questions answered
New (and confusing) IRS rules about required minimum distributions raise new questions for advisers.
Made a killing in crypto? Your tax bill is coming due
Digital tokens like Bitcoin and Ethereum are classified as property by the Internal Revenue Service and taxed like stocks and bonds.
IRS proposal aligns RMD rules with SECURE Act
The measure clarifies how the prohibition on 'stretch' IRAs should be applied and provides details on implementing the rise in the RMD age to 72.
Ahead of tax season, Treasury says be ready for frustration
Many of the processing delays and customer service shortages that have plagued the IRS for years will persist this year, Treasury officials warn.
Ultra-rich skip estate tax, sparking 50% drop in IRS revenue
Just 1,275 wealthy families paid $9.3 billion in estate tax last year, while as recently as 2018, the IRS had collected more than $20 billion from nearly 5,500 families.
Assessing the tax implications of Bitcoin
The IRS has clearly communicated that cryptocurrency assets are taxed when they are traded, but this is news to many of the investors who own cryptocurrencies.
IRS says RMD rules are coming ‘soon’
An IRS official tells a bar association gathering that the arrival of proposed regulations covering the SECURE Act's required minimum distribution provisions will be 'later than imminent but before eventually.'
Biden tax plan forecast to bring in $3.6T in decade
The biggest surprise in Biden’s tax proposal is that it assumes an increase in the capital gains rate would be retroactive to April 2021, which would prevent wealthy people from selling off their assets quickly to avoid the hike.
IRS clarifies the 10-year rule, but with added confusion
The agency released a revised version of its publication covering rules on inherited IRAs that confirms there are no RMDs required during the 10 years. But the publication raises another question.
Weighing in on disputed language in IRS 10-year RMD rule
While the IRS has not corrected the publication that suggested annual required minimum distributions under the 10-year rule, no one believes this to be correct.
IRS delays tax deadline to mid-May
The change comes after calls from accountants and leaders in Congress to delay the due date as new legislation and pandemic-related work changes disrupt taxpayer plans.
Surprise tax bills, credits await as IRS filing season begins
Some people could benefit from filing quickly this tax season, as Congress works on another round of stimulus checks, while others may benefit from holding off.
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