The Security Summit has issued a stern warning to tax professionals, urging them to heighten their awareness of indicators of identity theft as part of the ongoing “Protect Your Clients; Protect Yourself,” initiative. The IRS and its coalition of partners emphasized the shifting strategies of...
The IRS is warning tax professionals of a rise in scams designed to steal taxpayer information. The tax agency and its “Security Summit” partners — a group of state tax agencies and private tax industry organizations — said Tuesday (July 16) they are seeing a...
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 landmark Markets in Crypto-Assets Act (MiCA) new regulatory requirements for stablecoin issuers have gone live, observers are wondering if the digital asset sector’s...
The IRS plans to deny tens of thousands “improper high-risk” Employee Retention Credit (ERC) claims amounting to billions of dollars. This decision follows a review of a group of more than 1 million ERC claims that confirmed widespread concerns about improper claims, the IRS said in...
August 02, 2024
April has come and gone but a slew of IRS notices loom this fall as companies may be on the hook for erroneously filed returns, or incorrect information tied to details as simple as names and addresses. Wendy Walker, VP, Regulatory Affairs at Sovos, told PYMNTS that when information is missing or doesn’t match IRS […]
July 24, 2024
The Security Summit has issued a stern warning to tax professionals, urging them to heighten their awareness of indicators of identity theft as part of the ongoing “Protect Your Clients;...
June 05, 2024
Tax season might be over. But then again, there’s always next year. As Wendy Walker, solution principal at Sovos, told PYMNTS, the complexities of tax reporting will still demand that...
May 04, 2024
Digital transformation is becoming as inevitable as the reality of paying taxes. And as many companies discovered during the recent tax season, even the IRS is going digital. As Wendy...
July 16, 2024
The IRS is warning tax professionals of a rise in scams designed to steal taxpayer information. The tax agency and its “Security Summit” partners — a group of state tax agencies and private tax industry organizations — said Tuesday (July 16) they are seeing a “steady stream” of phishing scams and cloud-based schemes. These email […]
June 20, 2024
The IRS plans to deny tens of thousands “improper high-risk” Employee Retention Credit (ERC) claims amounting to billions of dollars. This decision follows a review of a group of more than...
February 13, 2024
The Internal Revenue Service (IRS) is suing the Federal Deposit Insurance Corp. (FDIC) over a tax debt owed by the failed Silicon Valley Bank. The FDIC seized the bank and its assets in March...
January 17, 2024
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 said this in a Tuesday...
