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Federal Tax News

• Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.
  
  Source: The Tax Adviser News
  Created on: Apr 18, 2024 | 06:29 am
  
  The Tax Adviser News | Apr 18, 2024 | 06:29 am
• IRS grants limited waiver for underpayment of estimated corporate AMT IRS grants limited waiver for underpayment of estimated corporate AMT In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
  
  Source: The Tax Adviser News
  Created on: Apr 15, 2024 | 16:07 pm
  
  The Tax Adviser News | Apr 15, 2024 | 16:07 pm
• Dirty Dozen list ends with easements, digital assets, and more Dirty Dozen list ends with easements, digital assets, and more The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
  
  Source: The Tax Adviser News
  Created on: Apr 12, 2024 | 06:48 am
  
  The Tax Adviser News | Apr 12, 2024 | 06:48 am
• Proposed regs. issued for 1% excise tax on corporate stock repurchases Proposed regs. issued for 1% excise tax on corporate stock repurchases Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
  
  Source: The Tax Adviser News
  Created on: Apr 10, 2024 | 13:07 pm
  
  The Tax Adviser News | Apr 10, 2024 | 13:07 pm
• Two home energy rebates not includible in gross income, IRS says Two home energy rebates not includible in gross income, IRS says The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
  
  Source: The Tax Adviser News
  Created on: Apr 8, 2024 | 16:00 pm
  
  The Tax Adviser News | Apr 8, 2024 | 16:00 pm
• AICPA: BOI ruling confuses businesses; enforcement should be delayed AICPA: BOI ruling confuses businesses; enforcement should be delayed In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
  
  Source: The Tax Adviser News
  Created on: Apr 8, 2024 | 12:59 pm
  
  The Tax Adviser News | Apr 8, 2024 | 12:59 pm
• Supreme Court to decide estate tax impact of life insurance in closely held businesses Supreme Court to decide estate tax impact of life insurance in closely held businesses This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
  
  Source: The Tax Adviser News
  Created on: Apr 3, 2024 | 07:44 am
  
  The Tax Adviser News | Apr 3, 2024 | 07:44 am
• Dirty Dozen list from IRS opens with phishing, smishing scams Dirty Dozen list from IRS opens with phishing, smishing scams The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
  
  Source: The Tax Adviser News
  Created on: Mar 28, 2024 | 15:24 pm
  
  The Tax Adviser News | Mar 28, 2024 | 15:24 pm
• Latest federal budget includes $20 billion rescission for IRS Latest federal budget includes $20 billion rescission for IRS The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
  
  Source: The Tax Adviser News
  Created on: Mar 26, 2024 | 16:01 pm
  
  The Tax Adviser News | Mar 26, 2024 | 16:01 pm
• Enforcement, voluntary programs yield over $1 billion from ERC claims Enforcement, voluntary programs yield over $1 billion from ERC claims On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting[…]
  
  Source: The Tax Adviser News
  Created on: Mar 22, 2024 | 15:05 pm
  
  The Tax Adviser News | Mar 22, 2024 | 15:05 pm
• Taxpayer notice of third-party contact shortened under proposed regs. Taxpayer notice of third-party contact shortened under proposed regs. The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in[…]
  
  Source: The Tax Adviser News
  Created on: Mar 21, 2024 | 16:07 pm
  
  The Tax Adviser News | Mar 21, 2024 | 16:07 pm
• Werfel says digital initiatives can transform ‘iconically unpopular’ IRS Werfel says digital initiatives can transform ‘iconically unpopular’ IRS Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
  
  Source: The Tax Adviser News
  Created on: Mar 19, 2024 | 15:34 pm
  
  The Tax Adviser News | Mar 19, 2024 | 15:34 pm
• Decision holding Corporate Transparency Act unconstitutional appealed Decision holding Corporate Transparency Act unconstitutional appealed The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
  
  Source: The Tax Adviser News
  Created on: Mar 12, 2024 | 13:26 pm
  
  The Tax Adviser News | Mar 12, 2024 | 13:26 pm
• Plaintiffs: FinCEN should pause all CTA enforcement Plaintiffs: FinCEN should pause all CTA enforcement The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.
  
  Source: The Tax Adviser News
  Created on: Mar 5, 2024 | 15:56 pm
  
  The Tax Adviser News | Mar 5, 2024 | 15:56 pm
• Federal court holds Corporate Transparency Act unconstitutional Federal court holds Corporate Transparency Act unconstitutional While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.
  
  Source: The Tax Adviser News
  Created on: Mar 5, 2024 | 07:16 am
  
  The Tax Adviser News | Mar 5, 2024 | 07:16 am

 

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Economic Data FRED

• Series: DGS10, 10-Year Treasury Constant Maturity Rate Series: DGS10, 10-Year Treasury Constant Maturity Rate Updated: May 16, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 16, 2023 | 15:19 pm
  
  St. Louis Fed - Select FRED Economic Data Updates | May 16, 2023 | 15:19 pm
• Series: INDPRO, Industrial Production Index Series: INDPRO, Industrial Production Index Updated: May 16, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 16, 2023 | 08:19 am
  
  St. Louis Fed - Select FRED Economic Data Updates | May 16, 2023 | 08:19 am
• Series: DEXJPUS, Japan / U.S. Foreign Exchange Rate Series: DEXJPUS, Japan / U.S. Foreign Exchange Rate Updated: May 15, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 15, 2023 | 15:21 pm
  
  St. Louis Fed - Select FRED Economic Data Updates | May 15, 2023 | 15:21 pm
• Series: DEXUSEU, U.S. / Euro Foreign Exchange Rate Series: DEXUSEU, U.S. / Euro Foreign Exchange Rate Updated: May 15, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 15, 2023 | 15:20 pm
  
  St. Louis Fed - Select FRED Economic Data Updates | May 15, 2023 | 15:20 pm
• Series: CPIAUCSL, Consumer Price Index For All Urban Consumers: All Items Series: CPIAUCSL, Consumer Price Index For All Urban Consumers: All Items Updated: May 10, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 10, 2023 | 07:40 am
  
  St. Louis Fed - Select FRED Economic Data Updates | May 10, 2023 | 07:40 am
• Series: UNRATE, Civilian Unemployment Rate Series: UNRATE, Civilian Unemployment Rate Updated: May 05, 2023
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: May 5, 2023 | 07:44 am
  
  St. Louis Fed - Select FRED Economic Data Updates | May 5, 2023 | 07:44 am
• Series: GDPC96, Real Gross Domestic Product Series: GDPC96, Real Gross Domestic Product Updated: Sep 28, 2017
  
  Source: St. Louis Fed - Select FRED Economic Data Updates
  Created on: Sep 28, 2017 | 08:11 am
  
  St. Louis Fed - Select FRED Economic Data Updates | Sep 28, 2017 | 08:11 am

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