More Schedule K-2 and K-3 FAQs posted
In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
SALT cap challenge is denied Supreme Court review
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court declined to review a longrunning lawsuit by New York and three other states.
Supreme Court holds Tax Court not bound by petition filing deadline
The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.
IRS funding, technology assessed in House hearing
IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.
Treasury equity action plan reports progress
The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.
