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Taxpayers May Receive Form 1099-K for Transactions Above $600, IR-2022-189
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 car...

Updated IRS FAQs Review $600 Filing Threshold for Form 1099-K
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 ...

IRS Adds New Domestic Filing Exception for Partnership Schedules K-2 and K-3
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, Partne...

Notice 2017-10 Set Aside; Requirements of Notice and Comment Under APA Not Met, Green Valley Investors, LLC, Dec. 62,122
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 im...

Treasury Outlines Path to Equitable Clean Energy Economy
The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy....

IRS Criminal Investigation Releases Annual Report, IR-2022-194
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,...

Draft Forms 8908 and 8911 Update Credits for Refueling Property and Energy Efficient Homes
Changes made by the Inflation Reduction Act of 2022 ( P.L. 117-169) are reflected in draft forms and instructions...

Tax Gap Reaches Nearly $500 Billion, IRS Reports
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 IRS Commissioner Rettig Celebrates Workforce
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 ...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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