The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange.…
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The Internal Revenue Service is pairing up with a Virginia research firm in an effort to improve the agency’s procurement operations.…
Read more about IRS Teams with Research Firm to Smooth Procurement Process
The Internal Revenue Service Advisory Council, also known as IRSAC, has come out with its annual report for 2020. The 195-page report includes recommendations to the IRS on new and continuing issues in tax administration.…
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Tax professionals across the country are preparing for next filing season by training seasonal staff, reviewing software updates, and earning CPE.…
Read more about National Tax Security Awareness Week to Focus on Identity Theft Prevention
With 2020’s extended tax deadlines due to the coronavirus pandemic, it seems like we just wrapped up the previous tax season. But believe it or not, the next filing season kicks off Jan. 1, 2021.…
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Fiscal Year 2020 was a very busy—and productive—year for the IRS’ Criminal Investigations unit. The just-released annual report for CI Division touts the unit’s identification of more than $10 billion in tax fraud and other financial crimes, despite the limitations of the COVID-19 pandemic.…
Read more about IRS Investigators Make Big Advances in a Busy 2020
After Dec. 12, business tax transcripts will soon be a little less informative—for good reason. The IRS will start masking sensitive data on the transcripts to protect businesses from identity theft beginning Dec. 13.…
Read more about IRS to Mask Key Details on Business Transcript
Some people managed to register for their $1,200 Economic Impact Payment (EIP) but just didn’t have the necessary information in-hand to also sign up for the $500 payment for qualifying children.…
Read more about More Time to Register to Get $500 EIP for Children
A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations.…
Read more about New Guidance Clears Up Partnership Deduction for State, Local Taxes
Anyone who doesn’t normally file a tax return but hasn’t already received an Economic Impact Payment (EIP) is urged by the IRS to take advantage of its “National EIP Registration Day.”…
Read more about IRS Reminds Last Chance for Non-Filer EIPs Not Far Away
