The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.
A PMTA disagrees with a prior letter ruling.
State law treats heirs as unsecured creditors.
The IRS’s interpretation of a conservation easement rule is struck down.
Parents pursuing an adoption can use a CPA’s advice.
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Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.
The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.
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.