IRS WATCH

IRS to scrutinize EIN holders’ information

By Jeff Stimpson       1 min read

Among other things, the service is requiring many entities to update their applications. Read story →

Congress proposes to restore tax deductions for performing artists

By Michael Cohn       4 min read

Two lawmakers in the House reintroduced bipartisan legislation Wednesday to change a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct business expenses. Read story →

Corporate tax increases move closer to reality

By Michael Cohn       10 min read

The Biden administration and G-20 leaders are agreeing on the need for more revenue. Read story →

IRS expands paid leave tax credit to encourage vaccinations

By Michael Cohn       3 min read

Employers can claim tax credits equivalent to the wages paid for providing paid time-off to employees to take a family or household member or certain other individuals to get vaccinated for COVID-19.  Read story →

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Senate plans to end employee retention tax credit early

By Laura Davison and Genevieve Douglas       2 min read

The bipartisan infrastructure bill would end a tax break Congress crafted to help businesses struggling during the pandemic but relatively few companies have claimed. Read story →

IRS updates: Restarting the income tax levy program, and more

By Roger Russell      

NCCPAP’s Stephen Mankowski offers news about the IRS Office of Promoter investigations, Forms 940X and 941, and more. Read story →

Over 40 IRS employees died of COVID

By Michael Cohn       3 min read

Despite strong efforts by the service, the pandemic claimed dozens of its employee, according to a TIGTA report. Read story →

Crypto surprise rattles industry in rare bipartisan tax plan

By Laura Davison, Joe Light and Allyson Versprille       4 min read

A Senate proposal to ramp up IRS surveillance over cryptocurrency transactions claims it will $28 billion in tax revenue. Read story →

SEC charges EY and partners with audit independence misconduct

By Michael Cohn       3 min read

The Securities and Exchange Commission charged Ernst & Young, one of its current partners, and two of the firm’s former partners Monday with violating auditor independence rules and improper professional conduct. Read story →

With a Roth conversion, there’s a surprising trick to biting the tax bullet

By Lynnley Browning       5 min read

Using RMDs to pay the taxes due on a rollover can ease the psychological pain of forking over money to the IRS. Read story →

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