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You may have to report transactions involving digital assets such as cryptocurrency and NFTs on your tax return.

IR-2023-126, July 14, 2023 — Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved service in filing season 2023. IRS achieved an 87% level of service. Through the end of filing season, IRS answered 3 million more calls, cut phone wait times to three minutes from 28 minutes, served 140,000 more taxpayers in-person, digitized 80 times more returns than in 2022 through the adoption of new scanning technology, cleared the backlog of unprocessed 2022 individual tax returns with no errors, launched two new digital tools, and enabled a new direct-deposit refund option for taxpayers with amended returns.

Use the Electronic Funds Withdrawal payment option when filing your federal taxes using tax preparation software or through a tax professional. 

The amount of a shareholder’s stock and debt basis is very important.

Who needs a PTIN, sample scenarios, SSN requirements, and non-signing/supervised preparers.

When computing compensation for employees and shareholders, S corporations may run into a variety of issues. This information may help to clarify some of these concerns.

Find out about the Savings Incentive Match Plan for Employees (SIMPLE). The plan allows employees and employers to contribute to traditional IRAs.

Guidance for Allowance of the Credit for Increasing Research Activities under I.R.C. §41 for Taxpayers that Expense Research and Development Costs on their Financial Statements pursuant to ASC 730.

Brief descriptions of recent major additions to tax stats are shown here.

Elective pay and transferability frequently asked questions: Elective pay