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The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.


Many taxpayers may be surprised in early 2023 when they receive a Form 1099-K, Payment Card and Third-Party Network Transactions, to report income earned in the “gig economy” or in sales of goods and services through certain internet sites. The number of taxpayers receiving the forms is expected to skyrocket because the threshold for reporting payments made through third-party processors has plummeted.


Beginning with their 2021 tax years, partnerships with "items of international tax relevance" must file Schedule K-2, Partners’ Distributive Share Items—International, and Schedule K-3, Partner’s Share of Income, Deductions, Credits, etc.—International.


The Tax Court set aside Notice 2017-10, 2017-4 I.R.B. 544, while adjudicating a series of consolidated cases involving limited liability companies (LLCs) and conservation easements, because it was improperly issued by the IRS without meeting the notice and comment requirements under the Administrative Procedure Act (APA).


The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy.


The IRS-Criminal Investigation (IRS-CI) has released its Fiscal Year 2022 Annual Report. The report details statistics, important partnerships and significant criminal enforcement actions from IRS-CI, the criminal investigative arm of the IRS, for the past fiscal year, which began October 1, 2021 and ended September 30, 2022. Over 2,550 criminal investigations, the identification of more than $31 billion from tax fraud and financial crimes, and a 90.6 percent conviction rate are just a few highlights of the report.


Changes made by the Inflation Reduction Act of 2022 ( P.L. 117-169) are reflected in draft forms and instructions


The Internal Revenue Service is estimating the tax gap on tax years 2014-2016 to be $496 billion, an increase of more than $58 billion from the prior estimate.


Former Internal Revenue Service Commissioner Charles Rettig used his farewell message to highlight the work the agency’s workforce did during his four-year term as commissioner, particularly during the COVID-19 pandemic, but also during more normal times.


The IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said. Kautter outlined the timeline of various guidance proposals at the American Bar Association (ABA) Section of Taxation May Meeting in Washington, D.C.


The IRS has issued a new five-year strategic plan to guide its programs and operations and to help meet the changing needs of taxpayers and members of the tax community. "Providing service to taxpayers is a vital part of the IRS mission and the new Strategic Plan lays out a vision of ways to help improve our tax system," remarked IRS Acting Commissioner David Kautter.


The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., spoke earlier in the week again about a "phase two" of tax reform


The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. Speaking at a Tax Executives Institute event in Washington, D.C., Kautter discussed current IRS efforts toward implementing tax law changes under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).


The IRS has released Frequently Asked Questions (FAQs) to address a taxpayer’s filing obligations and payment requirements with respect to the Code Sec. 965 transition tax, enacted as part of the Tax Cuts and Jobs Creation Act ( P.L. 115-97). The instructions in the FAQs are for filing 2017 returns with an amount of Code Sec. 965 tax. Failure to follow the FAQs could result in difficulties in processing the returns. Taxpayers who are required to file electronically are asked to wait until April 2, 2018, to file returns so that the IRS can make system changes.