On November 26, 2024, the IRS issued Notice 2024-85, providing a revised timeline for the transition to the $600 threshold in section 6050W(e), as amended by the American Rescue Plan Act of 2021, for third-party settlement...more
On May 24, 2021, Sen. Warren introduced Senate Bill 1788, the “Restoring the IRS Act” (the Proposed Legislation). The Proposed Legislation generally (1) imposes new information reporting obligations on financial institutions...more
6/1/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Elizabeth Warren ,
Enforcement ,
False Claims Act (FCA) ,
FATCA ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Legislation ,
Reporting Requirements ,
Tax Avoidance ,
Tax Penalties