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Disclosure of loss reportable transactions

Information about Form 1128, Application to Adopt, Change or Retain a Tax Year, including recent updates, related forms, and instructions on how to file. Form 1128 is used to request a change in tax year, and to adopt or retain a certain tax year (partnerships, S corporations, or personal service corporations).

This form is used by employers to apply for the Employee Retention Credit (ERC) Voluntary Disclosure Program. This program is for those employers who claimed and received the Employee Retention Credit (ERC), but who are ineligible and need to repay it.

September 6, 2022 ¡ª Many businesses are still struggling in the aftermath of the COVID-19 pandemic. Because of this, the IRS is providing penalty relief to banks, employers and other businesses required to file various information returns, such as 1099s.

LB&I directive on amended return/claim for refund relating to Internal Revenue Code Section 199 (IRC ¡ì 199)

Find out how to report the Employer¡¯s Annual Federal Unemployment (FUTA) credit reduction and how credit reduction states are determined.

FS-2024-23, June 2024 ¡ª Treasury and IRS issued final regulations on reporting by brokers on dispositions of digital assets for customers in certain sale or exchange transactions.

Find notices to expect from the IRS and procedures to follow during the BBA partnership audit process.

For tax years beginning after December 31, 2006, the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28) provides that a "qualified joint venture", whose only members are a married couple filing a joint return, can elect not to be treated as a partnership for Federal tax purposes.

FS-2023-24, Oct. 2023 ¡ª The IRS and tax professionals continue to see aggressive advertising, direct mail solicitations and online promotions involving the Employee Retention Credit (ERC). These promoters have misled employers and harmed honest employers by misrepresenting and exaggerating who is eligible for this pandemic-era credit.