IRS Updates Crypto Tax Form, Drops Wallet Address Requirement – Decrypt
The United States tax agency has released revised forms for crypto investors, aiming to simplify taxes for digital asset holders. The 1099-DA, released as a draft on Friday, will provide “easier and clearer” reporting for tax filers with cryptocurrency investments, the IRS said in a statement on Friday. The revised form removes requirements from the […]
IRS to start ‘intensifying audits’ on bogus employee retention claims
Hit by false pandemic-era claims of the Employee Retention Tax Credit (ERC), the IRS said it was stepping up audits and criminal investigations of suspected fraud. The IRS has sent 28,000 denial notices to businesses in recent weeks, which could prevent “up to $5 billion in fraudulent payments,” the agency said in a statement Thursday. […]
Coca-Cola to pay $6 billion in back taxes and interest to the IRS
Coca-Cola announced Friday that it will pay $6 billion in back taxes and interest following a settlement with the IRS in a lawsuit dating back nearly two decades. The dispute covers fiscal years 2007-2009, with the IRS alleging that Coca-Cola should have reported higher revenues as a result of international transfer pricing. “We look forward […]
Coca-Cola to pay $6 billion in back taxes and interest to the IRS after tax court ruling
In a ruling, a U.S. Tax Court judge in Atlanta ruled that the soda giant owes the IRS $2.7 billion plus interest. Coca-Cola announced Friday that it will pay $6 billion in back taxes and interest following a settlement with the IRS in a lawsuit dating back nearly two decades. The dispute covers fiscal years […]
Tax system goes digital after IRS funding boost
The initial $80 billion funding boost to the IRS, passed as part of the Inflation Reduction Act of 2022 (IRA), will move much of the U.S.’s vast tax system online and digitize much of the IRS’s internal operations. The latest update to the IRS’ Increased Funding Plan indicates that while the tax system remains as […]
IRS has made it easier for you to get emergency cash out of your 401(k) – 69News WFMZ-TV
ALLENTOWN, Pa. — The IRS has made it easier to access emergency funds from your 401(k), now allowing you to withdraw $1,000 penalty-free for a “self-defined” emergency. “The reason this is an exception is because if you’re under 59.5 and you withdraw funds from a retirement account, you have to pay a 10 percent penalty […]
IRS Finalizes Guidance On Treatment Of Inherited IRAs – Forbes
The final regulations provide clarity regarding inherited IRA withdrawals and eligibility requirements. Getty The IRS has issued further guidance on required minimum distribution (RMD) rules, this time in the form of a final rule. of Final Rule Clarify inherited IRA withdrawals and eligibility requirements. RMD By law, you are required to withdraw money from your […]
16 Bombshells on Hunter Biden From The IRS Whistleblowers
Estimated Reading Time: 3 minutes Two IRS whistleblowers leveled serious allegations about Hunter Biden and the government’s investigation of the troubled first son, according to transcripts of testimony released this week. The whistleblowers, IRS supervisory criminal investigator Gary Shapley and a second unnamed IRS investigator, provided evidence to the House Ways and Means Committee that […]
IRS touts ‘major milestone’ of collecting $1B from wealthy taxpayers
The IRS said Thursday that it has collected more than $1 billion in taxes from wealthy taxpayers this year, calling it a “major milestone” and an attempt by Republican lawmakers to sway public opinion about the agency as they fight budget cuts. The department first announced plans in September to step up scrutiny of people […]
IRS reports collecting $1 billion from rich households’ back taxes – The Washington Post
The IRS announced Wednesday that it has collected $1 billion in taxes and penalties from hundreds of wealthy households who have accumulated years of delinquent tax debt amid a weakening of IRS enforcement. “The tax claims were not even in dispute. Clearly these people owed back taxes,” IRS Commissioner Danny Wuerfel said on a conference […]