News

IRS quarterly update to the Strategic Operating Plan news release IR-2024-310: IRS recovers billions in tax, financial criminal cases focused on drug trafficking, terrorist financing; launches new business online account features

Arkansas Governor Sarah Huckabee Sanders has signed an executive order to extending tax relief granted due to severe storms in Baxter, Benton, Boone, Carroll, Fulton, Grant, Greene, Madison, Marion, Nevada, Randolph, Sevier, and Sharp counties.

AR Department of Finance and Administration announces new Withholding instructions, tables and formula following the passage of an income tax cut retroactive to Jan. 1, 2024.

IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams

WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.

Calls will go unanswered and mail will get no response under the IRS contingency plan for the first five days of a federal government shutdown. The plan, released Thursday, calls for furloughs of two-thirds of IRS staff if the government shuts down, resulting in "significant harmful impacts" on millions of taxpayers, Treasury said. The fiscal 2024 Lapsed Appropriations Contingency Plan will go into effect when the IRS is notified that government appropriations have lapsed and that a shutdown is to be initiated. All furloughed IRS employees will be able to return to work, and the Service will resume normal operations, when funds are appropriated. To avoid a shutdown, Congress must approve a budget for fiscal 2024 or a continuing resolution that keeps the government operating temporarily by Saturday, Sept. 30. If a government shutdown lasts for more than five business days, the IRS human capital officer will coordinate a Service-wide reassessment of the excepted activities. With the Oct. 16 deadline looming for some 10.5 million individual tax returns on extension, here is a look at IRS operations that would stop and those that would continue under the plan.

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system. Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to prevent future abuse, protect businesses from predatory tactics; IRS working with Justice Department to pursue fraud fueled by aggressive marketin

After Successful Filing Season, IRS Reports Progress in Service and Modernization Efforts

An updated Federal Trade Commission rule takes effect on June 9, 2023, and it affects many members, including tax practitioners. A Written Information Security Plan (WISP) is required by the Federal Trade Commission’s (FTC) Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA) whereby financial institutions, including tax preparers, must develop, implement and maintain a comprehensive security plan to protect customer and client information.

Arkansas storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service announced this news on April 3, 2023. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes and severe storms that occurred on March 31. This means that individuals and households that reside or have a business in Cross, Lonoke and Pulaski counties qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov. The tax relief postpones various tax filing and payment deadlines that occurred starting on March 31, 2023. As a result, affected individuals and businesses will have until July 31, 2023, to file returns and pay any taxes that were originally due during this period.