Federal Tax News

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Treasury, IRS issue updated guidance on required minimum distributions from IRAs, other retirement plans; generally retains proposed rules

IR-2024-190, July 18, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules.

IRS enhances FATCA registration website by requiring users to establish multi-factor authentication

IR-2024-189, July 17, 2024 — The IRS today announced the agency will enhance the identity authentication process that financial institutions can use to register under the Foreign Account Tax Compliance Act (FATCA).

Security Summit warns tax pros to remain vigilant against phishing emails and cloud-based attacks

IR-2024-188, July 16, 2024 — In the second installment of a special series, the IRS and Security Summit partners warned tax professionals to be aware of evolving phishing scams and cloud-based schemes designed to steal sensitive taxpayer information.

IRS warns taxpayers about misleading claims about non-existent “Self Employment Tax Credit;” promoters, social media peddling inaccurate eligibility suggestions

IR-2024-187, July 15, 2024 — The IRS issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims.

IRS reminds car dealers and sellers to be aware of phishing scams

IR-2024-186, July 11, 2024 — The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business.

IRS tops $1 billion in past-due taxes collected from millionaires; compliance efforts continue involving high-wealth groups, corporations, partnerships

IR-2024-185, July 11, 2024 — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

Treasury, IRS issue frequently asked questions regarding registration for the Clean Fuel Production Credit

IR-2024-184, July 10, 2024 — The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit.

New, evolving scams threaten tax professionals; Security Summit warns extra attention needed on trending threats that could affect businesses, clients

IR-2024-183, July 9, 2024 — The Internal Revenue Service and the Security Summit renewed a warning today to tax professionals to be on the lookout for a variety of new and evolving schemes aimed at stealing business and taxpayer information.

IRS warns of new scam targeting Clean energy tax credit

IR-2024-182, July 3, 2024 — The Internal Revenue Service today warned taxpayers not to fall victim to a new emerging scam involving buying clean energy tax credits.

IRS reminder to disaster victims in three states: July 15 filing and payment deadline nears; others face due dates later this summer

IR-2024-181, July 3, 2024 — The Internal Revenue Service today reminded individuals and businesses in parts of Alaska, Maine and Rhode Island that their 2023 federal income tax returns and tax payments are due on Monday, July 15, 2024.

Tax pros continue to be targeted by identity thieves; IRS, Security Summit urge continued vigilance against evolving threats as special summer education series, Nationwide Tax Forums begin

IR-2024-180, July 2, 2024 — With new and evolving scams emerging, the Internal Revenue Service and the Security Summit partners today announced the start of the special summer "Protect Your Clients; Protect Yourself" campaign to help tax professionals protect themselves against new and ongoing threats involving tax-related identity theft.

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