Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
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 Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.
The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.
The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.
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.
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .
The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.
The subsidy improves affordability for lower-income families.
IRS identifies paused taxpayer notices ... Tax pros share IRS service challenge stories, solutions ... IRS backs away from facial recognition ... ‘Quick’ carryback tax refunds took nearly double the 90-day deadline
Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.