IRS Paid Out $ 88.8M to Whistleblowers in FY 2023

The IRS gave whistleblowers 121 awards totaling $ 88.8 million for information attributable to $ 338 million in tax revenue being collected in fiscal year 2023 , according to the latest annual report from the agency ’ s Whistleblower Office .

The total dollar amount of awards paid increased substantially from FY 2022 when the IRS awarded $ 37.8 million to whistleblowers . However , the total number of awards paid last year decreased from

132 in FY 2022 to 121 in FY 2023 . Read more at irs . gov / pub / irs-pdf / p5241 . pdf .

Final and Proposed Regulations Issued on Retirement Plan RMDs

The Department of the Treasury and the IRS issued final regulations updating the required minimum distribution ( RMD ) rules .

The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants , IRA owners and their beneficiaries . At the same time , Treasury and IRS issued proposed regulations , addressing additional RMD issues under the SECURE 2.0 Act .

While certain changes were made in response to comments received on the proposed regulations issued in 2022 , the final regulations generally follow those proposed regulations .

Specifically , Treasury and IRS reviewed comments suggesting that a beneficiary of an individual who has started required annual distributions should not be required to continue those annual distributions if the remaining account balance is fully distributed within 10 years of the individual ’ s death as required by the SECURE Act . However , Treasury and IRS determined that the final regulations should retain the provision in the proposed regulations requiring such a beneficiary to continue receiving annual payments .

The new proposed regulations include provisions for which Treasury and IRS are soliciting public comments , including provisions addressing other changes relating to RMDs made by the SECURE 2.0 Act . For details on how to submit comments , see the proposed regulations .

Grab more info at federalregister . gov / documents / 2024 / 07 / 19 / 2024-14542 / required-minimum-distributions .

Over the past year , many experts have declared that the Great Resignation is finally over . As the era of workers quitting their jobs en masse has come to an end , experts believe the workforce has entered a period of relative

stability with workers seemingly more hesitant to rock the boat and leave their jobs .

The data has supported this sentiment , as well : In 2023 , the rate of workers quitting their jobs dropped by 12 percent compared to the year prior , according to the Labor Department .

But a new survey by PwC indicates that some workers are still looking for greener pastures — even more so than when the Great Resignation was at its peak . Of the 56,000 respondents who were surveyed across 50 countries , about 28 percent said they were “ very likely ” or “ extremely likely ” to find a new job within the next 12 months , up from 19 percent in 2022 .

That sentiment might be explained by mounting demands in the workplace and the impact of new technologies , which many respondents said had changed the nature of their jobs over the last year .

Find more info at www . pwc . com / gx / en / issues / workforce / hopes-and-fears . html .

10 CALIFORNIA CPA SEPTEMBER 2024 www . calcpa . org