Results for "inflation reduction act"
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Learners in tax and accounting courses benefit when instructors adopt tenets of the ‘small teaching’ movement.
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
This item addresses and summarizes the prevailing wage and apprenticeship requirements of the Inflation Reduction Act, to which credits the labor requirements apply, and taxpayer considerations related to the labor requirements.
Shareholder basis and other applicable loss limitations must be applied in a specified order, with differing rules.
taxpayers and practitioners face uncertainty regarding the timing of the deduction provided for in Notice 2020-75.
This article summarizes the key features of the new Sec. 48D advanced manufacturing investment tax credit and highlights key considerations for manufacturers of semiconductors and semiconductor manufacturing equipment.
National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.
The Senate voted 54–42 on Thursday to approve Werfel, a former acting IRS commissioner who has served under both Democratic and Republican administrations.
The IRS announced that it will soon be able to scan paper Forms 1040 and 941 instead of inputting them by hand. The acting commissioner describes the expansion as “another milestone” in the agency’s transformation.
Key issues related to the corporate AMT FTC are unsettled and could have a significant effect on a taxpayer’s corporate AMT liability.
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the 12 months ending October 2022.
For qualifying property placed in service after 2022, the nonbusiness energy property credit has been expanded and renamed as the energy-efficient home improvement credit.
The Inflation Reduction Act, P.L. 117-169, included a new Sec. 4501 that imposes an excise tax on certain repurchases of stock by publicly traded corporations.
Financial advisers can help clients avoid big spikes in Medicare premiums through careful tax planning.
