IRS News

IRS and Treasury on section 1256 contracts. The IRS and Treasury put out information to further clarify Section 1256 mark to market rules, defining foreign currency contracts. It had a lengthy preamble, which noted that other types of contracts... Read More

IRS says abusive insurance is a sham. The IRS stated that a recent court decision upholds its long standing regarding abusive microcaptive insurance transaction as a sham. Taxpayers are being alerted to the scheme by both the IRS and U.S. Treas... Read More

IRS mileage rate increase follows past. The IRS usually sets the standard mileage deduction at the end of each calendar year, as that is when most taxpayers file their tax returns. The rate allows business owners the ability to deduct an expens... Read More

2021 and 2022 IRS lacked adequate service. According to a report issued by the National Taxpayer Advocate's Office, in 2021 the IRS only answered 12 percent of all calls made to its offices by the public. The bad news is that in 2022 it is prob... Read More

IRS has superfund list changes. In IRS Revenue Procedure 2022-26, the IRS prescribed the exclusive procedures for requesting an addition to, or removal from, the list of chemical substances subject to an excise tax commonly known as the Superfu... Read More

IRS blame game for destruction of returns. In a somewhat surprising statement, the IRS stated it had destroyed nearly 30 million unprocessed information returns because its "antiquated technology" forced it to dispose of the paper documents and... Read More

TIGTA says IRS right on rebate credits. The Tax Inspector General for Tax Administration said that the IRS was right 99.3% of the time on the recovery rebate credit, in a report issued. Both portions of the recovery rebate credit were paid in a... Read More

IRS forms destruction part two. The Tax Professional community was shocked to learn that the IRS had destroyed nearly 30 million information return. Net Operating Losses and Carry Forwards cannot be determined without certain information, and t... Read More

IRS destroyed 30 million paper filings. In a highly controversial move, the IRS destroyed 30 million paper filings. This was a result of the backlog that started when the Covid crisis began. The IRS, along with a large number of other governmen... Read More

IRS increases gas mileage write off. As the economy shifts gears due to Covid, the war in Ukraine, and the Federal Reserve changing from a dozen years of easy money, to a more restrictive monetary policy, not to mention the rampant inflation th... Read More