Internal Revenue Service commissioner Daniel Werfel defended the IRS’s budget during congressional testimony Thursday, a day after House Republicans passed a bill that would eliminate much of the extra $80 billion in funding it secured under the Inflation Reduction Act. “When we had lower resources, it was so frustrating for
The Internal Revenue Service and the Treasury Department issued a notice Monday offering a safe harbor for the deed language in charitable conservation easements. The safe harbor in Notice 2023-30 involves extinguishment and boundary line adjustment clauses in conservation easements. Section 605(d)(2) of the SECURE 2.0 Act provides donors the
The American Institute of CPAs is advocating for the Internal Revenue Service to devote more of the extra $80 billion in funding that it’s receiving over 10 years under the Inflation Reduction Act to provide better service to taxpayers and tax professionals. The majority of the $80 billion is dedicated
The average effective tax rate of profitable large corporations fell from 16% in 2014 to 9% in 2018 after passage of the Tax Cuts and Jobs Act of 2017, according to a new government report. The trend of large multinational corporations paying a relatively small percentage of taxes, no taxes
The $1.7 trillion omnibus spending bill that Congress passed Friday just in time for the end of the year contains a number of accounting and tax-related provisions, though it’s missing the traditional set of tax extenders and some other much desired tax breaks. The provisions that will probably be of
The Internal Revenue Service reported this week it received more than $4.9 trillion in tax revenue in fiscal year 2022, and distributed $642 billion in federal tax refunds and other outlays, but a separate report Friday found continuing problems with taxpayer service, tax refund delays and backlogs of unprocessed returns
When the Republican Congress passed the Tax Cuts and Jobs Act in 2017, it was considered the most sweeping change to the tax code since 1986. Many believed that the United States would not see such significant tax law changes for decades. Instead, due to fluctuating political majorities and unforeseen
Rep. Bill Pascrell, D-New Jersey, sent a letter to Internal Revenue Service Commissioner Charles Rettig requesting details on how the agency will use the funding provided by the new Inflation Reduction Act to enforce national tax laws. Last week, Pascrell and Democrats in Congress approved new funding for the IRS
Section 45L of the Internal Revenue Code provides both single and multifamily homebuilders with a $2,000 tax credit for meeting certain energy saving requirements. However, the 45L tax credit expired at the end of 2021, leaving homebuilders waiting for its renewal. The Inflation Reduction Act of 2022, signed Tuesday by
The Internal Revenue Service is pilot-testing a program for the next year and a half to expedite requests for rulings and determination letters for corporate taxpayers. The IRS issued a revenue procedure Friday establishing an 18-month pilot program to offer an opportunity for fast-track processing of certain requests for letter
