2+ day, 11+ hour ago   (511+ words) Fiscal year 2025 was a record-breaking 12 months for U.S. tax revenue, as taxpayers paid the IRS a total of $5.3 trillion, a 13.2% increase from FY 2023 and the most tax revenue ever paid, without adjusting for inflation, according to a recent report from the…...

2+ day, 13+ hour ago   (496+ words) IRS employee training on taxpayer representation and how taxpayers’ rights to representation must be observed needs to improve after some workers didn't know certain procedures, the watchdog said in a report. IRS employee training on taxpayer representation and how taxpayers…...

3+ day, 10+ hour ago   (284+ words) The application period for the 2027 Compliance Assurance Process program lasts until Oct. 30, 2026, the agency said Tuesday. The IRS has opened the application period for the 2027 Compliance Assurance Process program for corporations. Applications will be accepted until Oct. 30, 2026. The IRS will…...

3+ day, 11+ hour ago   (612+ words) A federal appeals court has upheld a lower court ruling preventing the IRS from providing taxpayer information to Immigration and Customs Enforcement. The three-judge D.C. Circuit panel’s unanimous ruling on Tuesday reaffirms a U.S. District Court judge’s decision last November that blocked…...

1+ week, 4+ day ago   (931+ words) The IRS has updated Forms 1099-NEC, 1099-MISC, and 1099-K for 2026 to separately report information related to tips and qualified overtime compensation. The 2026 tax year brings significant changes to information reporting. The Working Families Tax Cuts or H.R. 1 created new federal income…...

1+ week, 6+ day ago   (543+ words) The IRS holds its staff to a higher expectation of tax compliance since they are responsible for enforcing tax law, especially those in a supervisory role. All taxpayers are required to follow the letter of the tax law. But some…...

2+ week, 4+ day ago   (589+ words) IRS CEO Frank Bisignano met with tax professionals at the IRS Nationwide Tax Forum in New York City last week as part of the agency’s efforts to engage with taxpayers and their representatives. The New York City stop of the…...

2+ week, 6+ day ago   (1190+ words) Thomas Seal and Derek DecloetBloomberg News (TNS) Prime Minister Mark Carney said Canada will apply counter-tariffs on $20 billion of U.S. products on Sept. 8, escalating the feud rocking one of the world’s biggest trading relationships. “We take this step reluctantly,” Carney said…...

3+ week, 1+ day ago   (447+ words) The short story is that full amount of a personal legal settlement is generally taxable as ordinary income at rates currently topping out at 37%. By Ken Berry, JD Are you embroiled in a civil lawsuit? The short story is that…...

3+ week, 2+ day ago   (307+ words) The IRS on Thursday unveiled a digitally authenticated Tax Compliance Report, found through IRS Individual Online Account, that shows whether a taxpayer filed tax returns and paid taxes on time. Taxpayers can securely obtain and download the report when applying…...