PYMNTS-MonitorEdge-May-2024

internal revenue service

The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States.

Source: en.wikipedia.org

IRS Warns Tax Pros of ‘Barrage’ of Phishing Scams
IRS Warns Tax Pros of ‘Barrage’ of Phishing Scams
July 16, 2024  |  Security & Fraud

The IRS is warning tax professionals of a rise in scams designed to steal taxpayer information. The tax agency and its “Security Summit” partners —...

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As MiCA Goes Live, Is Crypto Entering Its Regulation Era?
As MiCA Goes Live, Is Crypto Entering Its Regulation Era?
July 01, 2024  |  Cryptocurrency

Crypto and Web3 firms have been asking for more regulatory clarity for years. And now, with the news Sunday (June 30) that the European Union’s...

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What Businesses Tackling Technical Debt Can Learn From the IRS
What Businesses Tackling Technical Debt Can Learn From the IRS
May 07, 2024  |  Technology

Where a business spends its money typically defines its strategy. And with the news last Thursday (May 2) that the Internal Revenue Service (IRS) is...

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1042-S Adds Complexity to Tax Season for Banks and Corporates
1042-S Adds Complexity to Tax Season for Banks and Corporates
March 06, 2024  |  Taxes

It’s March — and for many corporations and government agencies, the race is on to file a complete accounting, particularly with Form 1042-S, with the...

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IRS Delays Requirement to Report Certain Transactions Involving Digital Assets
IRS Delays Requirement to Report Certain Transactions Involving Digital Assets
January 17, 2024  |  Taxes

Businesses do not have to report certain transactions involving digital assets until the Treasury Department and the Internal Revenue Service (IRS) issue regulations. The agencies...

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IRS Rule Delay Means P2P, Gig Economy Platform Volumes Will Surge
IRS Rule Delay Means P2P, Gig Economy Platform Volumes Will Surge
January 11, 2023  |  Gig Economy

The new tax rules have been delayed — and nothing’s certain — so P2P will continue to be a gig economy mainstay. And amid the...

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IRS Says US Unemployment Comp Hit $405B During Pandemic
IRS Says US Unemployment Comp Hit $405B During Pandemic
November 20, 2022  |  Economy

Unemployment compensation in the U.S. jumped by 1,794% between 2019 and 2020 as Americans were hit by a wave of layoffs during the COVID-19 pandemic....

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Zelle Says Its Service ‘Not Subject’ to IRS Reporting
Zelle Says Its Service ‘Not Subject’ to IRS Reporting
November 07, 2022  |  Taxes

Gig workers and small business owners are reportedly using the payment service Zelle to avoid declaring taxable earnings to the IRS.  While users of Zelle...

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Report: ‘Human Coding Error’ Caused IRS Posting of Confidential Data 
Report: ‘Human Coding Error’ Caused IRS Posting of Confidential Data 
September 02, 2022  |  Safety and Security

Names, contact information and some financial information of about 120,000 people was reportedly posted in error by the Internal Revenue Service (IRS) on its website....

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