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IRS Replaces First Time Abate with Automatic Exemption Program for Penalty Relief

IRS Replaces First Time Abate with Automatic Exemption Program for Penalty Relief

The IRS is phasing out the First Time Abate (FTA) program and introducing the Automatic Exemption from Penalty (AEP) program. This new system automates penalty relief for taxpayers with a clean compliance history, eliminating the need for manual requests. AEP will fully replace FTA for returns due on or after January 1, 2027. While AEP simplifies the process for many taxpayers, it does not cover all filings, such as estate and gift taxes. The National Taxpayer Advocate's office has praised AEP as a significant improvement, potentially benefiting over 1.5 million taxpayers annually.
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IRS Tax Policies Add to Trauma for Scam Victims Facing Financial Losses

IRS Tax Policies Add to Trauma for Scam Victims Facing Financial Losses

Scam victims in the U.S. are facing additional financial burdens due to IRS tax policies that limit their ability to claim deductions for theft losses. The 2017 tax law changes have narrowed the criteria for such deductions, affecting victims of scams like 'pig butchering' and romance frauds. Many victims, like Lori Flowers, who lost significant amounts to scams, find themselves unable to claim deductions and are left with substantial tax debts. The IRS's approach to disallowing deductions has led to lawsuits from victims who argue that the agency's policies exacerbate their financial distress.
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Victims of 'Pig Butchering' Scams Face Challenges in Proving Theft for Tax Deductions

Victims of 'Pig Butchering' Scams Face Challenges in Proving Theft for Tax Deductions

Victims of 'pig butchering' scams, a type of fraud involving fake cryptocurrency investments, are facing difficulties in claiming theft loss deductions under state criminal law. These scams involve building trust with victims over time, leading them to invest in fraudulent platforms that show fake returns. The IRS has acknowledged that such losses can qualify for theft deductions if certain criteria are met, but victims must prove the scammer's intent to defraud from the outset. This requirement varies by state, with different legal standards affecting the ability to claim deductions.
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IRS Exempts FIFA World Cup Foreign Groups from Filing Form 990

IRS Exempts FIFA World Cup Foreign Groups from Filing Form 990

IRS Exempts FIFA World Cup Foreign Groups from Filing Form 990
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Senate Democrats Investigate Alleged Political Interference in IRS Audits

Senate Democrats Investigate Alleged Political Interference in IRS Audits

Senate Democrats have requested an investigation into potential political interference in IRS tax audits by the Trump administration. The inquiry follows reports that Kenneth Kies, a top IRS official, was ousted after refusing to comply with White House demands related to tax audits. The senators, led by Chuck Schumer and Ron Wyden, have expressed concerns about violations of federal laws that prohibit political influence over tax audits. They have asked the Treasury Inspector General for Tax Administration to investigate the matter.
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IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives

IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives

IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives
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Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications

Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications

Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications
AP News AP News
Democrats say Social Security boss' message pushed misleading statements on Trump tax law's benefits

Democrats say Social Security boss' message pushed misleading statements on Trump tax law's benefits

Congressional Democrats are squaring off with President Donald Trump's administration over one of the most potent political issues in the country ahead of this year’s midterm elections: Social Security
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Inheritance Tax Changes Could Impact Thousands of Families

Inheritance Tax Changes Could Impact Thousands of Families

Inheritance Tax Changes Could Impact Thousands of Families
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IRS and Treasury Examine ETF Tax Strategies Amid Concerns

IRS and Treasury Examine ETF Tax Strategies Amid Concerns

IRS and Treasury Examine ETF Tax Strategies Amid Concerns
TheStreet TheStreet
IRS rule hits scam victims with a 2nd costly blow

IRS rule hits scam victims with a 2nd costly blow

For some scam victims, the financial damage does not end with the money lost — tax consequences can create an additional burden on funds they never recovered. That is the reality facing a growing number of fraud victims who discover, after reporting the crime, that the tax code denies them relief. ...
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IRS Seeks Internal Revenue Agents Amidst Evolving Tax Compliance Needs

IRS Seeks Internal Revenue Agents Amidst Evolving Tax Compliance Needs

The Internal Revenue Service (IRS) is actively recruiting Internal Revenue Agents to enhance its capacity in enforcing tax compliance, particularly under the Bank Secrecy Act. The position requires candidates to have a background in accounting or auditing, with specific qualifications including a CPA certification or equivalent education and experience. The role involves examining tax returns, interpreting tax laws, and ensuring compliance with federal tax regulations. The IRS emphasizes the importance of maintaining public trust and upholding the rule of law, as well as the need for candidates to engage actively with supervisors during the probationary period.