Internal Revenue Service (IRS) News

US-Swiss Agreement Published On Mandatory Binding Arbitration
by Mike Godfrey, Tax-News.com Washington
Monday, August 31, 2020
The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24. Read Full Story

US IRS Announces TCJA Compliance Campaign
by Mike Godfrey, Tax-News.com Washington
Friday, May 15, 2020
On May 1, 2020, the United States Internal Revenue Service Large Business and International Division announced a new compliance campaign focusing on the 2017 Tax Cuts and Jobs Act and the recently enacted Coronavirus Aid, Relief and Economic Security Act. Read Full Story

US Taxpayers Can Apply Online For COVID-19 Economic Impact Payments
by Mike Godfrey, Tax-News.com Washington
Friday, May 1, 2020
On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act. Read Full Story

IRS Launches COVID-19 Employee Retention Tax Credit
by Mike Godfrey, Tax-News.com Washington
Wednesday, April 15, 2020
On March 31, 2020, the United States Treasury Department and the Internal Revenue Service launched the Employee Retention Credit scheme, designed to encourage businesses to keep employees on their payroll amid the COVID-19 crisis. Read Full Story

IRS Issues Final Foreign Tax Credit Regulations
by Mike Godfrey, Tax-News.com Washington
Friday, December 6, 2019
On December 2, 2019, the United States Internal Revenue Service issued final regulations on the foreign tax credit following major changes to the US tax code. Read Full Story

IRS Issues Estate Tax Regulations
by Mike Godfrey, Tax-News.com Washington
Monday, December 2, 2019
On November 22, 2019, the United States Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Read Full Story

Sanders Unveils US Wealth Tax
by Mike Godfrey, Tax-News.com Washington
Friday, September 27, 2019
United States Senator Bernie Sanders (D-VT), a leading contender for the Democratic presidential nomination, has proposed a new tax, as well as a series of enforcement measures, targeting America's wealthiest individuals. Read Full Story

IRS Offers Settlement Scheme To Micro-Captives
by Mike Godfrey, Tax-News.com Washington
Friday, September 20, 2019
On September 16, 2019, the United States Internal Revenue Service announced the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Read Full Story

IRS Provides Additional Transition Tax Guidance
by Mike Godfrey, Tax-News.com, Washington
Thursday, July 25, 2019
On July 16, 2019, the United States Internal Revenue Service announced the publication of additional information to help taxpayers meet their filing and payment requirements in respect of the Section 965 transition tax on untaxed foreign earnings. Read Full Story

US Congress Passes IRS Reform Bill
by Mike Godfrey, Tax-News.com, Washington
Friday, June 21, 2019
On June 13, 2019, the US Senate approved the Taxpayer First Act, which is intended to overhaul the Internal Revenue Service and strengthen taxpayer rights. Read Full Story
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