With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.
The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.
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.
The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.
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.
The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
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.
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.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.
The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
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.