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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.
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.
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.
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.
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.”
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.
Feedback on the proposal, which addresses stakeholder concerns, is being accepted through Nov. 9.
Nearly two-thirds of employees in a global survey said their company is more interested in using artificial intelligence to create efficiency than to add value, leading many to feel like they’re doing two jobs while struggling to find time to produce meaningful results.
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.
In its opening brief to a federal appeals court Wednesday, the federal government said a lower court ruling in Kwong improperly turned a 60-day extension into a postponement period lasting over three years.
The amendments address stakeholder concerns that current GAAP guidance doesn’t consider a contractual restriction on the sale of an equity security when measuring the fair value of that security.
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