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IRS Emphasizes Critical Steps for Business Tax Return Filing to Ensure Acceptance

IRS Emphasizes Critical Steps for Business Tax Return Filing to Ensure Acceptance

IRS Emphasizes Critical Steps for Business Tax Return Filing to Ensure Acceptance
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IRS Warns Farmers and Ranchers on Informal Loan Agreements After Tax Court Ruling

IRS Warns Farmers and Ranchers on Informal Loan Agreements After Tax Court Ruling

IRS Warns Farmers and Ranchers on Informal Loan Agreements After Tax Court Ruling
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IRS Draft 2026 Form 1040 Introduces New Citizenship and Work Authorization Question

IRS Draft 2026 Form 1040 Introduces New Citizenship and Work Authorization Question

The Internal Revenue Service (IRS) has released a draft of the 2026 Form 1040, which includes a new question regarding taxpayers' citizenship and work authorization status. This new inquiry asks if the taxpayer, and their spouse if filing jointly, is a U.S. citizen, U.S. national, or an alien lawfully authorized to work in the United States. This question is distinct from tax residency status, which is determined by criteria such as the green card test or substantial presence test. The draft also relocates an existing line concerning a nonresident or dual-status spouse from the Filing Status section to a new 'Other Information' section. Additionally, the draft introduces a new Schedule 3-A, titled 'Federal Public Benefit,' which applies to refundable portions of certain credits like the earned income credit and child tax credit, asking if the filer is a U.S. citizen, U.S. national, or a 'qualified alien.' The IRS has not yet provided instructions on how to interpret or respond to these new questions, parti...
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IRS Collection Period for Back Taxes Generally Limited to 10 Years, With Exceptions

IRS Collection Period for Back Taxes Generally Limited to 10 Years, With Exceptions

The Internal Revenue Service (IRS) generally has a 10-year window to collect assessed tax debt, including taxes, penalties, and interest. This 10-year period, known as the Collection Statute Expiration Date (CSED), begins from the date the tax is assessed, not necessarily the tax year itself. However, this period is not absolute and can be extended or suspended by various events. These events include bankruptcy proceedings, collection due process hearings, pending installment agreement requests, and Offers in Compromise. In rare cases where the government sues the taxpayer in U.S. district court and reduces the liability to judgment, the IRS may have an additional 20 years to collect the debt.
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Transfer Pricing Controversy Intensifies Over Guarantees and Implicit Support in Intra-Group Transactions

Transfer Pricing Controversy Intensifies Over Guarantees and Implicit Support in Intra-Group Transactions

Transfer Pricing Controversy Intensifies Over Guarantees and Implicit Support in Intra-Group Transactions
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IRS-ICE Data Sharing Agreement Raises Concerns Over Taxpayer Confidentiality and Voluntary Compliance

IRS-ICE Data Sharing Agreement Raises Concerns Over Taxpayer Confidentiality and Voluntary Compliance

A memorandum of understanding between the Internal Revenue Service (IRS) and the Department of Homeland Security (DHS) in April 2025, which involved sharing taxpayer addresses with Immigration and Customs Enforcement (ICE), has sparked significant legal and compliance concerns. This agreement allowed ICE to request the last known addresses of over one million individuals believed to be unlawfully present. Before a federal district court halted the process, IRS employees provided 47,289 records to ICE. A federal district court judge, Colleen Kollar-Kotelly, found that the IRS violated Internal Revenue Code § 6103 approximately 42,695 times by sharing confidential taxpayer addresses. This ruling was upheld by a unanimous D.C. Circuit panel on September 8, stating that the policy "indisputably contravenes the requirements of Section 6103." Additionally, a Massachusetts federal judge has barred DHS and ICE from using or viewing any IRS taxpayer information obtained under this agreement. The core issue revolves...
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IRS Draft Form 1040 Includes Citizenship Question, Raising Concerns

IRS Draft Form 1040 Includes Citizenship Question, Raising Concerns

The Internal Revenue Service (IRS) has released a draft of the 2026 Form 1040 that includes a new question asking taxpayers to state whether they or their spouse are a U.S. citizen, national, or lawfully authorized to work in the U.S. This draft form is an early release and is subject to approval by the Office of Management and Budget, with potential for further changes before its final publication. The inclusion of this question has sparked concerns that the administration might be utilizing the tax system to more effectively identify individuals in the U.S. without authorization for potential deportation. Additionally, it could assist the government in determining eligibility for certain tax benefits, such as the child tax credit, which were modified in last year's GOP tax law.
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Open Tax Technology Alliance Launches Free 1040 Engine and Open Data Standard for Partnerships

Open Tax Technology Alliance Launches Free 1040 Engine and Open Data Standard for Partnerships

Open Tax Technology Alliance Launches Free 1040 Engine and Open Data Standard for Partnerships
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IRS Media Center Offers Resources for Tax News and Information

IRS Media Center Offers Resources for Tax News and Information

The Internal Revenue Service (IRS) maintains a comprehensive Media Center designed to provide fast access to official tax news, tools, and multimedia files. This resource serves as a central hub for individuals seeking information on tax changes, scam alerts, initiatives, products, and services. The Media Center includes various forms of content such as IRS news bulletins, which users can subscribe to for email updates, and a collection of videos covering a broad range of tax topics. Additionally, the IRS offers American Sign Language (ASL) videos specifically for people with disabilities, ensuring accessibility to crucial tax information. The platform also features audio public service announcements (PSAs) for websites and encourages following their social media channels for the latest updates. The IRS emphasizes the importance of verifying tax information through trusted sources like tax professionals, tax software, and its official website, IRS.gov.
ReutersReuters
China's offshore trust tax crackdown could impact single stocks, BofA says

China's offshore trust tax crackdown could impact single stocks, BofA says

HONG KONG, Sept 22 (Reuters) - China's new rule to chase income tax on offshore trusts, a popular structure adopted by many Hong Kong and US-listed Chinese companies' shareholders, could pose short-term risks on certain shares as payment deadline approaches, according to BofA Securities  • Offshore-
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McDermott Will Schulte Appoints David Jamieson as Tax Partner in London Office

McDermott Will Schulte Appoints David Jamieson as Tax Partner in London Office

McDermott Will Schulte Appoints David Jamieson as Tax Partner in London Office
Detroit Free PressDetroit Free Press
Why you don't want to fall for tribal tax credits scam that seems real

Why you don't want to fall for tribal tax credits scam that seems real

Promoters will encourage a taxpayer to buy the purported credits from an entity they claim is associated with a tribal community. Except it is fake.