The IRS will push back for one year its implementation of a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, the agency announced Friday, saying the delay will "help reduce confusion" over the new requirements.
The U.S. Supreme Court said Friday it will consider whether the Internal Revenue Service can proceed with summonses seeking the banking records of two law firms and the spouse of a man owing $2 million in taxes without informing them of the requests.
The U.S. Supreme Court on Tuesday said it won't block a Democratic-led House committee from seeing former President Donald Trump's tax returns, paving the way for the panel to see the filings before Republicans take over committee leadership in January.
An intellectual property group urged the U.S. Supreme Court to endorse a broad application of attorney-client privilege to mixed-use client communications, arguing it shouldn't adopt a more stringent privilege standard in a case involving a firm's efforts to shield tax advice from subpoenas.
The IRS violated administrative law in issuing a notice requiring the disclosure of potentially abusive conservation easement transactions under threat of penalty, the U.S. Tax Court ruled Wednesday, striking down the guidance and rejecting penalties the agency sought to impose on four North Carolina partnerships.