An entity that is recognized for federal tax purposes as an entity separate from its owners can be classified as one of several entity types, but the available classification options depend greatly on state law and the number of owners or members.
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The Supreme Court rejects the Bob Richards rule, a product of federal common-lawmaking, because a dispute among members of a consolidated group over which member is entitled to a refund presents no unique federal interests.
The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.
In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.
The Revenue Act of 1913 ushered in the modern era of federal income taxation. How much do you know about changes in income tax rates since then?
The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.
The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation following various transactions involving consolidated groups.
The process-of-experimentation requirement has received increased focus by taxing authorities in examinations.
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
The Code does not define consulting for purposes of the rule on qualified trades or businesses, nor do Treasury regulations or Sec. 1202 legislative history provide guidance, leaving taxpayers to find other sources to derive the meaning.
The IRS can apply levy proceeds to liabilities for any tax year covered by the levy.
Tax Court decisions address the proof the IRS must provide to show proper supervisory approval was obtained to assert penalties.
A taxpayer can prove, through extrinsic evidence, the mailing date of a Tax Court petition that has no postmark on the mailing envelope.