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.
Individual Income Taxation
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.
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.
Property of a taxpayer may be used to satisfy the tax liabilities of a life partner.
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
The IRS provides relief for taxpayers who would have qualified for the foreign earned income exclusion in 2019 and 2020 but for COVID-19.
The IRS Cincinnati Centralized Innocent Spouse Operation’s opinion that a taxpayer was entitled to relief was not binding on the Office of Chief Counsel as a ‘final determination’ of liability.
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.
Taxpayer’s health may have been the reason for sale of personal residence, but the issue may not be material to whether taxpayers are entitled to an exclusion of gain on the sale.
This item discusses whether and when ‘freebies’ or discounts result in taxable income to the influencer and possible limitations on deductions for the related expenses.
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.