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IR-2023-12, January 24, 2023 ¡ª The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term ¡°digital assets¡± has replaced ¡°virtual currencies,¡± a term used in previous years.

July 25, 2024 ¡ª Brian E. Drake, of Parkersburg, was sentenced today to two years in prison, to be followed by three years of supervised release, and ordered to pay $2,036,141.59 in restitution for tax evasion. Drake admitted to evading payroll and corporate income taxes while the owner and operator of River City Chem Dry (RCCD).

May 22, 2024 ¡ª A federal grand jury today returned a superseding indictment charging an Orange County man with wire fraud and money laundering for allegedly making fraudulent claims to the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, two federal programs created to provide financial assistance to Americans suffering economic harm because of the COVID-19 pandemic.

July 10, 2024 ¡ª A Connecticut man pleaded guilty today to evading taxes on income he earned as a commercial fisherman.

Find disaster tax relief information and resources.

The Electronic Tax Administration Advisory Committee (ETAAC) was established by Congress through the IRS Restructuring and Reform Act of 1998 to provide continuing public input into the development and implementation of the IRS organizational strategy for electronic tax administration.

Foreign "controlled" generally indicates U.S. corporations that have a foreign entity that owns 50 percent or more of the corporation's voting stock.

Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests: Sales Price and Tax Withheld as Reported on Form 8288-A, by Country of Residence.

September 6, 2022 ¡ª A former licensed stockbroker was sentenced today to 78 months in federal prison for committing several felonies, including running a securities fraud scheme in which he targeted low-income Hispanic victims to obtain more than $3.2 million via false promises of high returns from construction loans.

During the review of concise descriptions disclosed on Schedule UTP filed with 2011 tax returns, the IRS identified problems with the quality of the content of some disclosures. Since those early filings, the concise description quality issues continue to be present. Below are the instructions provided for 2011 and subsequent year tax returns.