The Internal Revenue Service has returned $133,000 it wrongfully seized from a South Florida teacher. Michelle Del Buono said she is both jubilant and relieved to recover the funds. “It’s like a tremendous burden off my shoulders,” Del Buono said. She received a check from the U.S. Treasury in the mail last month with interest…
Farmers and ranchers affected by drought across the country- 49 states, the District of Columbia and Puerto Rico, to be exact- may be eligible for some assistance through the Internal Revenue Service. According to a news release from the IRS Tuesday, guidance was recently issued that provides “an extension of tax relief for farmers or…
The AICPA is seeking clarification from the IRS on guidelines suggesting that tax practitioners should pass AI-related cost savings on to clients, saying that the language doesn’t appear to allow for a value-pricing model and that it overlooks the costs and risks associated with implementing the technology. The guidelines from the Office of Professional Responsibility (OPR), posted…
The Internal Revenue Service released 45Z Clean Fuels Production tax credit guidance that opens the door for farmers, ethanol producers and livestock operations tracking their carbon scores to benefit from the credit. In particular, the guidance gives special treatment to manure-based fuels, rewards regenerative agriculture and limits the use of foreign feedstocks in fuels that…
The Trump administration is proposing a new rule that would strip private schools and colleges of their tax-exempt status if they provide targeted help to students based on their race, a significant escalation in the White House’s campaign to eradicate diversity programs directed at Black, Hispanic and other minority students. The Treasury Department proposed the…
A retiree owns a vacant parcel he bought decades ago, back when the surrounding neighborhood ended several streets away. The land is now worth well into six figures, although it remains mostly weeds, scrub trees and a faded “No Dumping” sign. A local nonprofit wants to turn neglected lots into community green space. He donates the…
Almost a year into his tenure leading IRS enforcement, Jarod Koopman is using his shrunken workforce to shepherd new civil strategies and refocus the criminal branch. The IRS compliance strategy hadn’t been updated since 2017 and didn’t have any metrics to show whether revenue agents were successfully collecting taxes owed, Koopman said. And since the…
UnitedHealth Group is contesting an Internal Revenue Service proposal to increase its taxable income over how it priced transactions with one of its foreign subsidiaries, a dispute the company disclosed in a quarterly filing in May and repeated in its August filing. The notices cover transactions between UnitedHealth and a foreign subsidiary from the 2017 through 2020 tax years,…
The Trump administration is weighing a proposal to require nonprofits to disclose in their annual tax filings whether their top officials have been convicted of certain financial or terrorism-related crimes, sources with direct knowledge of the matter told CBS News. The IRS disclosure requirement would be added to the Form 990, the annual return that…
The IRS didn’t conduct proper testing for employees suspected of drug use, though evidence of use existed, the agency watchdog said. Federal agencies, under the Drug-Free Workplace Act of 1988, are required to develop a plan to achieve a drug-free workforce. The Treasury Inspector General for Tax Administration found that the Drug-Free Workplace Plan lacked…
