Search Results for keywords:"Internal Revenue Service"

The Treasury Department and the Internal Revenue Service (IRS) have finalized rules for reporting digital asset transactions performed by brokers. These new regulations, effective January 1, 2027, require brokers who regularly facilitate digital asset sales, like those in decentralized finance (DeFi), to provide forms reporting gross proceeds from these transactions. The rules primarily apply to trading front-end service providers, who are best positioned to report on such transactions due to their close interaction with customers. The regulations aim to enhance tax compliance by ensuring digital asset transactions are reported similarly to traditional financial trades.

The Internal Revenue Service (IRS) is seeking comments on Form 8850 as part of its effort to reduce paperwork and the burden on respondents, in line with the Paperwork Reduction Act of 1995. This form, used by employers, helps to certify employees from targeted groups for the Work Opportunity Credit. The deadline for submitting written comments is April 28, 2025. Interested parties can direct their comments to Andres Garcia at the IRS, and any submitted feedback will be considered in the request for approval by the Office of Management and Budget (OMB).

The Internal Revenue Service (IRS) is asking for public comments on Form 8945, which is used by U.S. citizens who are religious objectors and do not have social security numbers but wish to prepare tax returns for compensation. This form assists these individuals in obtaining a Preparer Tax Identification Number (PTIN). Comments are being solicited as part of the effort to reduce paperwork and ensure the information collection is necessary and useful. The deadline for submitting comments is April 19, 2021.

The Internal Revenue Service (IRS) and the Treasury Department have announced a change in the time for an upcoming meeting of the Taxpayer Advocacy Panel's Special Projects Committee. Originally set for 1:30 p.m. Eastern Time, the meeting will now take place at 11:00 a.m. Eastern Time on Wednesday, February 10, 2021. The meeting is open to the public, who may offer comments or submit written statements but must notify Antoinette Ross beforehand to participate. All other details of the meeting remain unchanged.

The Internal Revenue Service (IRS), part of the Treasury Department, announced a public meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee. The meeting is scheduled for Tuesday, March 9, 2021, and aims to gather public comments and ideas to enhance customer service at the IRS. Members of the public are encouraged to participate, either by sharing their thoughts during the meeting or by submitting written statements in advance. Those interested must notify Rosalind Matherne to express their intention to join.

The Social Security Administration (SSA) has announced a new matching program with the Internal Revenue Service (IRS) to verify eligibility for the Medicare Part D Low Income Subsidy. This program involves the IRS sharing specific taxpayer information with the SSA to determine correct subsidy percentages for benefits under the Social Security Act. Interested parties have until May 12, 2025, to submit comments regarding this program, which will begin on May 27, 2025, and last for 18 months. The initiative is authorized under specific sections of the Internal Revenue Code and the Social Security Act.

The Treasury Department and the IRS are proposing new rules that would define certain unmarked vehicles used by firefighters, rescue squads, and ambulance crews as "qualified nonpersonal use vehicles." This change is intended to exempt these vehicles from substantiation requirements usually needed to justify business-related vehicle expenses for tax purposes. The rules aim to provide similar tax treatment for emergency responders as currently granted to law enforcement using unmarked vehicles, considering the vehicles are minimally used for personal purposes. The proposed regulations welcome public comments and will apply to tax years beginning after the final rules are published.

The Internal Revenue Service (IRS) is requesting comments on the information collection concerning Form 1099-Q, which relates to payments from qualified education programs under sections 529 and 530 of the Internal Revenue Code. This effort aims to reduce paperwork and burden on respondents, adhering to the Paperwork Reduction Act of 1995. The IRS invites feedback on various aspects, such as the necessity and utility of the information collected, ways to minimize respondent burden, and the overall effectiveness of the collection process. Comments must be submitted by March 23, 2021, to be considered.

The Internal Revenue Service, under the Treasury Department, has announced a meeting for the Electronic Tax Administration Advisory Committee (ETAAC). This meeting will take place virtually and through teleconference on March 16-17, 2021, with some parts open to the public. The meeting aims to discuss topics for a future report and address issues concerning the security of the federal tax system against identity theft and refund fraud. Certain sessions will be closed to the public to cover sensitive matters, but other discussions will allow public statements and participation. Interested individuals should contact William S. Parman by March 12, 2021, to attend or make oral statements.

The Internal Revenue Service (IRS), part of the Treasury Department, announced an open meeting for the Taxpayer Advocacy Panel's Taxpayer Communications Project Committee. This meeting is set for February 9, 2021, and aims to gather public feedback on how to improve customer service at the IRS. The public is invited to participate by providing oral comments or written statements. More information about the meeting, including how to participate, can be found by contacting Conchata Holloway or visiting the provided IRS improvement website.