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Table of combined interest rate imposed on the total accumulation distribution
If you are a calendar-year taxpayer and you use June 30 as the applicable date for calculating interest, use this table to determine the combined interest rate to report on the tax related to the total accumulation distribution of trusts on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.
General Information
U.S. attorney announces 30-count indictment charging garment-manufacturing executive with tax fraud scheme, masking millions in payroll
Jan. 16, 2024 — Damian Williams, the United States Attorney for the Southern District of New York, and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (IRS-CI), announced today the unsealing of an Indictment charging Ai Zhen Xu with criminal tax offenses.
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IRS warns taxpayers about misleading claims about non-existent “Self Employment Tax Credit;” promoters, social media peddling inaccurate eligibility suggestions
IR-2024-187, July 15, 2024 — The IRS issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims.
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National Small Business Week advice from the IRS: Plan now to take advantage of new and existing tax benefits, prepare for reporting changes
IR-2023-95, May 2, 2023 — The IRS today urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for reporting changes that take effect in 2023.
General Information
Small Businesses
O.C. tax preparer pleads guilty to conspiring with social worker to perpetrate fraud schemes that caused $3.8 million in losses
April 10, 2023 — An Orange County tax preparer pleaded guilty today to a federal criminal charge for participating in schemes that caused nearly $3.8 million in losses to the United States government, including one orchestrated by a corrupt social worker who stole his clients' identities to fraudulently obtain tax refunds, welfare benefits and credit cards.
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National Tax Security Awareness Week, Day 4: Choosing a unique Identity Protection PIN adds extra safety for taxpayers
IR-2022-210, December 1, 2022 — As part of a broader effort to increase security, the Internal Revenue Service and the Security Summit partners today reminded taxpayers they could get extra protection starting in January by joining the agency’s identity protection personal identification number (IP PIN) program.
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News Media, Individuals, Businesses, Tax Professionals
IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts
IR-2022-192, October 28, 2022 — The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of over $58 billion from the prior estimate.
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Tax Time Guide: IRS reminds taxpayers to report gig economy income, virtual currency transactions, foreign source income and assets
IR-2022-45, March 1, 2022 — The IRS reminds taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets.
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Individuals, Tax Professionals
North Carolina and North Dakota police chiefs and federal firearms licensees indicted for conspiracy to illegally acquire machineguns and other firearms
October 20, 2023 — A federal grand jury has returned an indictment charging five defendants with a conspiracy to illegally acquire machineguns and other regulated firearms.
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IRS tops $1 billion in past-due taxes collected from millionaires; compliance efforts continue involving high-wealth groups, corporations, partnerships
IR-2024-185, July 11, 2024 — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.
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