IRS investigator Brian J. Visalli has filed a lawsuit against the agency, claiming the IRS unlawfully leaked his personnel and tax records to federal prosecutors in retaliation for his whistleblowing activities. READ MORE
f you filed for an extension with the IRS back in April, your deadline to file your 2025 federal tax return is Thursday, Oct. 15. Tax Day 2026 — the deadline for filing your 2025 taxes — was April 15. If you needed more time to complete your tax return, you would have had to…
Companies that are not tracking 2026 research activity by project during the year will need to reconstruct it before they can file. Section G requires a filer to list its business components, meaning its products, processes, software, or techniques, in descending order of qualified research expense until the list covers at least 80 percent of…
Treasury Secretary Scott Bessent has quietly resolved a yearslong tax dispute with the IRS tied to a hedge fund maneuver that reduced his Medicare taxes, according to a person familiar with the matter. As a fund manager before joining President Trump’s Cabinet, Bessent used a structure that let him treat much of his income as…
Four years ago, a $20,000 check from the IRS arrived in Wilson Perry Kirby’s mailbox. He knew he hadn’t earned it, so he didn’t spend it. The 77-year-old Coopertown, Tennessee farmer left the money untouched in his bank account and worked with his accountant to return it. But instead of voiding the error, the agency…
Trusts are a common estate planning tool, and with trillions of dollars expected to change hands as wealth moves from one generation to the next now and in the coming years, various trust types and the tax rules surrounding them are getting more attention. But that might not be a good thing if the IRS…
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…
