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IRS Archives

TIGTA Releases Semiannual Report to Congress

The Treasury Inspector General for Tax Administration (TIGTA) recently released its Semiannual Report to Congress for the period April 1, 2017 through September 30, 2017. TIGTA provides oversight for Internal Revenue Service (IRS) activities and Federal tax administration. During the most recent period, TIGTA conducted 61 audits and over 1,400 investigations into issues involving tax fraud, identity theft, and other taxpayer-related issues.

Bitcoin Secrecy a Bust

The U.S. District Court for the Northern District of California recently ordered Coinbase Inc., the world's largest cryptocurrency exchange and storage platform, to provide information to the Internal Revenue Service (IRS) about accountholders who have entered into transactions valued at $20,000 or more between 2013 and 2015. Cryptocurrency or virtual currency, such as bitcoin, has come under significant scrutiny by the IRS lately.

IRS Updates AFRs; Interest Rates Remain Unchanged

The Internal Revenue Service (IRS) has updated its applicable federal rates (AFRs) used for a variety of IRS calculations, such as the minimum interest rate for intra-family loans. For calendar year 2017, AFRs for short-term loans have increased from 0.96 percent to 1.52 percent, AFRs for mid-term loans have fluctuated around 2 percent, and AFRs for long-term loans have fluctuated between 2.6 percent and 2.82 percent. For a detailed list of AFRs by month and year, click here.

What You Need to Know About Deductions for Your Holiday Giving

November kicks off the season of giving, and the donations you make to your favorite charities may also provide you some tax benefits. However, there are some guidelines you should keep in mind as you write those checks.

Do You Claim Losses or Deductions from Your S Corporation? You May Be Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Partnerships and Pass-Through Entities to Come Under Greater IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS to Develop Practice Unit on Large Land Development Accounting

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Long-Term or Short-Term Capital Gain? IRS Plans to Take a Closer Look

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS to Develop Guidance Concerning Deferred Variable Annuity Reserves and Life Insurance Reserves

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Mid-Market Related Party Transactions May Lead to Audit

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

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