A year ago, we indicated how the IRS and other government organizations were increasing regulations for digital assets and crypto brokers in our blog. Now we can confirm the specific reports, instructions and the due date for these tax forms. Beginning with transactions in calendar year 2025, brokers who facilitate digital asset transactions (such as
We told you already back in May 2025, but now it’s a reality. This shift is part of the government’s broader transition to electronic payments—a change we previously warned our readers about in our earlier blog post Federal Payments Are Going Fully Digital. The IRS and U.S. Treasury have officially announced that paper refund checks
As part of the government shutdown, now it is the time for the IRS to furlough more than half of its employees. The reason for this five business days delay is due to the IRS contingency plan to keep running for a few business days before broader furloughs kicked in, called "lapse appropriations contingency plan".
In the IRS Tax Tip 2025-29, the IRS reminds taxpayers that there are options available to those who can’t pay in full. Pay now (or by the tax deadline) Short term payment plan – 180 days or less – Individuals: Benefits $0 set if applied online, phone, in person or mail Long term payment plan
The House just passed a bill much more restrictive in IRS funding that Trump's administration proposal back in June 2025. Based on different sources, the bill allocates just $9.5 billion to the IRS—a 23% reduction from current funding levels. By comparison, even the Trump administration’s June proposal had suggested a $9.8 billion budget—already a 20%
Since April 2025, there is ongoing uncertainty surrounding the agreement between ICE (Immigration and Customs Enforcement) and the IRS to share taxpayer information, particularly that of individuals filing with an ITIN. Under this new agreement, the ICE can request taxpayer information—including names, addresses, and tax years—from the IRS under the narrow confidentiality exception in Section 6103(i)(2).
In the IR-2025-71, the IRS shared the mid year report to Congress and provided a summary of items. These items below indicate the areas of focus and improvement for the future: Status on the 2024 filing season The IRS received around 141 million return (processed 138 million - the difference might be bounced returns due
From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high
In the IRS IR-2025-53 released mid April 2025, the IRS provided details on the multiyear strategy. Per the communication, "... since the inception of the IRS Whistleblower Office in 2007, the Whistleblower Office has made awards of over $1.3 billion based on the collection of more than $7 billion attributable to whistleblower information. In fiscal
Back in December 2024, the IRS released IR-2024-310 indicating that billions of dollars were recovered. The IRS indicated that "... The IRS has now recovered $4.7 billion from new initiatives underway. This includes more than $1.3 billion from high-income, high-wealth individuals who have not paid overdue tax debt or filed tax returns, $2.9 billion related
