The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
FAQs on the Service’s website are updated for preparing 2021 returns.
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
A law change and some regulations take effect while an array of provisions expire.
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
An IRS notice provides a special rule for the temporary 100% deduction.
The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.