Uploads, Compliance Estimates, And Windfalls
IRS Document Upload Tool accepted its one millionth submission. Launched in 2021, the tool’s format expanded in 2023 with funding from the Inflation Reduction Act. Taxpayers and tax professionals can respond digitally to eligible IRS notices by securely uploading required documents online through IRS.gov. Its use continues to grow. During the first six months of the current fiscal year, over 265,000 taxpayers used the tool.
GAO says the IRS can improve compliance estimates. The Government Accountability Office reports that improving compliance estimates is possible if the IRS improves techniques for estimating undetected noncompliance, finishes documentation of artificial intelligence tax return sampling for audits, and links tax gap data to its strategic operating plan.
What about Form 1040’s Presidential Election Campaign Fund (PECF) checkoff box? TPC’s Tax Hound considers the history of the PECF and the declining number of filers choosing to direct a few tax dollars to the fund.
Tennessee has a new rural and workforce housing tax credit. Tennessee’s Housing Development Agency can now offer a tax credit to owners of qualified low-income buildings opened after Jan. 1, 2026. Those owners can also receive a federal housing tax credit allocation.
UN Secretary-General calls for a tax on fossil fuel industry’s windfall profits. UN Secretary-General António Guterres urged nations to impose a new tax on the profits of fossil fuel companies. Revenue would help pay for efforts to reduce global warming.
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