Federal Taxation

The Internal Revenue Service is partnering to fight fraud against charities, businesses and individuals during Charity Fraud Awareness Week.

In a post-pandemic world, 16% of companies have gone fully remote. Many workers have embraced and adapted to this new setup.

The IRS extended for another year, until Jan. 10, 2024, the transition period during which it will allow taxpayers 45 days to perfect a refund claim involving a Sec. 41 research and development (R&D) credit to comply with new information requirements.

Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The Internal Revenue Service sent out the vast majority of advance payments of the Child Tax Credit last year to eligible families, alleviating poverty, according to a new report, but millions of taxpayers who should have received the payments did not, while millions of others who didn't qualify received them instead.

The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help.

The additional $80 billion in funding over the next decade for the Internal Revenue Service from the Inflation Reduction Act is supposed to go toward improving taxpayer service, modernizing the IRS's outdated technology, increasing enforcement efforts, and hiring more staff to process tax returns and replace retiring employees, but many taxpayers are concerned the funds will lead to more audits.

The Inflation Reduction Act extended many green energy and energy efficiency tax breaks already in the Tax Code and created a number of new tax breaks as well. The legislation also imposes a number of new requirements to obtain the largest possible tax break, such as requirements to pay prevailing wages and offer apprenticeship programs, requirements to use domestic content, and requirements to operate in low-income or otherwise distressed communities.

The Internal Revenue Service's continuing backlog is having an impact in many areas, including the processing of noncorporate applications for refund claims on net operating losses by pass-through businesses, leading to millions of dollars in interest payments.