CPA Never under estimate the value
Treasury and the IRS issued proposed and temporary regulations providing for automatic enrollment in Trump accounts after developing a structure they said overcame barriers that previously stymied the move. Treasury estimated the approach could create more than 60 million additional accounts.
A first-of-its-kind GAO analysis estimates annual federal tax fraud losses at $116 billion to $304 billion. The report said that the IRS needs a coordinated antifraud strategy. The IRS partially agreed with the recommendations but disputed aspects of the report’s methodology.
After 15 years as IRS2Go, the IRS’s taxpayer app now offers expanded access to account services under a new name. The IRS said it expects to add more capabilities to the app over time.
A TIGTA report found that IRS delays in resolving identity theft cases cost the government $124.2 million in refund interest from fiscal years 2023 through 2025. The findings echo warnings from National Taxpayer Advocate Erin Collins, who has called the wait times “unconscionable.”
New questions and answers aim to assist stakeholders with financial reporting requirements related to subsidies in Statement No. 103, Financial Reporting Model Improvements. GASB also seeks feedback on a model for voluntary digital reporting.
The IRS issued final regulations increasing the cost of an estate tax closing letter to $76 from $56, adopting without change proposed regulations issued in June.
In its annual update, the IRS increased the special per diem rates taxpayers may use to substantiate business travel expenses for the upcoming travel year and updated its list of high-cost localities.
Feedback on the proposal, which addresses stakeholder concerns, is being accepted through Nov. 9.
Participants in the Council on AI Risk in Tax, led by the AICPA and former IRS commissioner Danny Werfel, include leaders from all areas of the tax world who will work together to promote the responsible use of AI in tax administration and practice.
For the second consecutive year, a government watchdog found the IRS’s cybersecurity program ineffective. TIGTA warned that taxpayer data could be vulnerable if security weaknesses are not addressed.
