The IRS has halted processing new claims for the Employee Retention Credit (ERC) until year end due to concerns over increasing ineligible and fraudulent claims. Businesses should seek guidance from trusted tax professionals and review IRS resources to determine their eligibility for the credit.

The IRS has issued a memo stating that donations to NIL collectives may be subject to federal taxation as they primarily serve the private interests of student-athletes. Student-athletes engaging in NIL activities should consider the tax implications of the IRS decision.

The Internal Revenue Service (IRS) has announced that it will end most unannounced visits by revenue officers to taxpayers. This change is effective immediately and will apply to all taxpayers, regardless of their income level. The change is effective immediately.