In the news.

Funding spurs IRS improvements, but challenges remain, commissioner says

Commissioner Danny Werfel said the IRS is “reversing situations that have long hampered the IRS and frustrated taxpayers.” Treasury and the IRS announced continued improvements in digital systems, attributing those to funding from the Inflation Reduction Act.

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FinCEN estimates millions of hours will be spent seeking BOI access

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

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Final and proposed regs. issued on retirement plan RMDs

The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.

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IRS collects $1 billion from high-income people who owed back taxes

The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.

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Proposed regs. address interest recapture on excess COVID-19 credits

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.

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Tax pros: IRS improving, but getting the right answer takes too long

A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.

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Final regs. issued for 1% excise tax on corporate stock repurchases

The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.

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IRS issues final regs. on reporting requirements for digital assets

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.

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Supreme Court overrules 40-year-old Chevron doctrine

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

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Settlement offers to be sent on syndicated conservation easements

The IRS is making a time-limited settlement offer to certain taxpayers who participated in syndicated conservation easements. The terms will require “substantial concession” of income tax benefits and the imposition of some penalties.

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