News

The IRS announced relief for taxpayers in all or part of seven states that Hurricane Helene damaged (IR-2024-253). The AICPA, which requested IRS relief in a comment letter, on Thursday also requested filing extensions from the Financial Crimes Enforcement Network (FinCEN) related to the filing of beneficial ownership information (BOI) and reports of foreign bank and financial accounts (FBAR) for major disaster victims.

The Department of the Treasury and the Internal Revenue Service today issued guidance addressing long-term, part-time employees in 403(b) retirement plans under the SECURE 2.0 Act, which applies to 403(b) plans beginning in 2025. These plans are similar to 401(k) plans but are generally for employees of charities and public schools.

Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.

The Internal Revenue Service requested public comments on draft Form 7217 PDF and Instructions for draft Form 7217 PDF today.

The Internal Revenue Service’s Independent Office of Appeals (Appeals) today launched a pilot program as part of the IRS’ ongoing transformation efforts to expand online tools and improve user experiences.

The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit.

The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method (set out in Rev. Proc. 2019-48) will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

The Internal Revenue Service today updated its frequently asked questions in Fact Sheet 2024-30 PDF for the Premium Tax Credit.

The Internal Revenue Service today issued proposed regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT).

The Internal Revenue Service announced today tax relief for individuals and businesses in Connecticut and New York affected by severe storms and flooding from torrential rainfalls that began on Aug. 18, 2024. Some communities in western Connecticut also experienced landslides and mudslides from these storms.

The IRS, in a fact sheet released Thursday, reminded taxpayers that crowdfunding distributions may be includible in the gross income of the person receiving them, depending on the distributions' facts and circumstances (FS-2024-28). Also, the crowdfunding site (or its payment processor) may be required to report those distributions to the IRS and the payee if the distributions meet reporting thresholds.

The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report.

The U.S. Department of Treasury, the Internal Revenue Service and the U.S. Department of Energy announced today that they received over 800 concept papers — project proposals — seeking a total of nearly $40 billion in tax credits, representing $200 billion in total project investments, for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program.

The number of notices of federal tax lien has declined significantly since 2010, according to a report from the Treasury Inspector General for Tax Administration.

As data thieves get more cunning, the Internal Revenue Service and its partners in the Security Summit have laid out half a dozen steps for practitioners to take to begin protecting themselves as data thieves get more cunning.

The IRS provided interim guidance to employers that provide matching retirement plan contributions based on student loan payments, a new benefit courtesy of a 2022 law.

A coalition representing the Internal Revenue Service, state tax agencies and the spectrum of the nation’s tax industry today announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.

The IRS will reopen its voluntary disclosure program (VDP), allowing businesses to correct questionable employee retention credit (ERC) claims at a discount (Announcement 2024-30).

Under economic pressure, local governments across the country are raising sales tax rates or introducing new taxes.