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In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
Relief is only available for income tax liabilities on a joint return.
The IRS failed to take proper precautions to abate a couple’s discharged tax debt, a bankruptcy court holds, but it denies attorneys’ fees.
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.
In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.
A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.
Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
Communicate the benefits of the mark-to-market election.
Recent changes in reporting requirements will lead to mistakes, but taxpayers should not ignore them.
SPONSORED REPORT
Get Clients Ready for Tax SeasonThis comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.
