Commissioner Danny Werfel said the IRS is “reversing situations that have long hampered the IRS and frustrated taxpayers.” Treasury and the IRS announced continued improvements in digital systems, attributing those to funding from the Inflation Reduction Act.

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.

The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.

A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.

The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

The IRS is making a time-limited settlement offer to certain taxpayers who participated in syndicated conservation easements. The terms will require “substantial concession” of income tax benefits and the imposition of some penalties.

In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that, as of April, the IRS was taking over 22 months to resolve cases in its identity theft victim assistance unit, which had about 500,000 unresolved cases.

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.

The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.

The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.

The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.

Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.

The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.

The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.

New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.