The IRS is focusing on regulatory changes ahead of the upcoming election. Both the Republican and Democratic parties have outlined their platforms, with the Republican party promising to make permanent the provisions of the Tax Cuts and Jobs Act of 2017. The Democratic party’s platform is set to be released in August. Accountants and tax professionals are also dealing with new reporting requirements from the IRS, including changes for renewable energy, cryptocurrencies, and corporate stock repurchases. The IRS has published final rules on stock repurchase taxes and reporting requirements for digital asset transactions. Additionally, the IRS has provided guidance on emergency distributions from retirement plans and updated the Form 6765 for the Credit for Increasing Research Activities. The IRS is working to streamline reporting processes and address concerns from taxpayers and tax experts.
IRS focuses on regulatory changes ahead of election
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