Taxpayers who are in business to make a profit can generally deduct related expenses on their tax returns. If the IRS doubts a profit motive exists, it may deem an activity to be a hobby with a limited ability to deduct costs. The burden to prove there’s a profit...
The magnitude of the IRS backlog of unprocessed returns is “unprecedented,” said the National Taxpayer Advocate, Erin Collins. Since the start of the pandemic, millions of taxpayers have seen their refunds delayed. To rectify the problem, Collins wants to see the...
The IRS is highlighting the work of its Criminal Investigation (CI) unit. Two fact sheets detail the CI’s work on financial crimes such as money laundering, terrorist financing, cybercrime and sanctions evasion, which includes investigating and seizing assets of...
One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. For more information,...
One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. These enhanced reporting requirements are outlined in the U.S. Treasury...
In a March 21 speech before a tax executives convention, IRS chief Charles Rettig stated that the agency is “trending in a really good direction” in catching up on unprocessed returns. However, he warned, the agency needs more in long-term government funding if it’s...
