
IRS releases plan to guide agency transformation
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
The IRS unveiled a strategic operating plan to guide a proposed transformation of the agency over the next 10 years.
The American Bankers Association this week filed a comment letter recommending the adoption of an IRS proposal to make permanent an exemption to the physical presence requirement for spousal consents.
In a recent letter to the IRS, the American Bankers Association urged the agency to consider clarifications to its proposed regulations on the application of the new corporate alternative minimum tax, or CAMT, which was created last year through the passage of the Inflation Reduction Act.
Responding to initial IRS guidance on the provision for stock buyback excise taxes within last year’s Inflation Reduction Act, ABA last week recommended that one-year carryforward and carryback periods should be granted for net preferred stock issuances.
ABA this week praised the reintroduction of a Senate bill to prevent the IRS from requiring financial institutions to turn over transaction information for millions of law-abiding bank customers.
The IRS has issued a proposed rule to make permanent temporary relief from the physical presence requirement for participant elections and spousal consents.
The Treasury Department issued initial guidance regarding a new annual excise tax that applies to repurchases of a publicly traded corporation’s stock that takes place after Dec. 31, 2022.
The American Bankers Association along with 17 associations and businesses today sent a joint letter to the IRS requesting that the agency make permanent the temporary relief from the physical presence requirement for spousal consent granted during the early days of the pandemic.
President Joe Biden todau announced that he will nominate Danny Werfel to serve as IRS commissioner.
Last week, the IRS announced that its soon-to-be final regulations on required minimum distributions will apply starting next year.