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Moratorium imposed on new ERC claim processing to curb abuse
The IRS issued a moratorium on new ERC claims processing through at least the end of the year and allowed taxpayers to withdraw claims that have been filed but not processed.
Guidance issued on applicability and calculation of new corporate AMT
In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and adjusted financial statement income.
Long-awaited guidance provided for amortization of R&E expenditures
The IRS says taxpayers and tax professionals can rely on the guidance in Notice 2023-63 until it issues proposed regulations for the change to Sec. 174, which was effective for tax years beginning in 2022.
IRS vows new enforcement efforts aided by AI
IRS Commissioner Danny Werfel describes an IRS strategy that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
The new e-filing requirement, beginning in 2024, applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2, Wage and Tax Statement.
