GAO Issues Latest Report on Financial Audit of IRS The Government Accountability Office (GAO) released a report addressed to IRS Commissioner Danny Werfel which “is intended for IRS management’s …
IRS Updates Clean Vehicle Credit FAQs The IRS has revised its FAQs that provide guidance to taxpayers seeking to claim tax credits for new or previously …
IRS 2024 Tax Filing Season; Expands Services on Phones, In-Person and Online The IRS highlighted a variety of improvements that expanded service for millions of taxpayers during the 2024 filing season. (IR …
Corporate Stock Repurchase Excise Tax Prop Regs Issued The IRS has issued proposed regs that would provide guidance concerning the 1% excise tax owed on corporate stock repurchases. …
IRS Further Extends Tax Relief for 2023 Hawaii Wildfire Victims he IRS has extended an earlier postponement, until August 7, 2024, for individuals and businesses with filing and tax-payment deadlines …
Tax Court: Petition Was Timely Filed, Filing Period Subject to 60-Day Disaster Extension Petitioners were entitled to an automatic, mandatory 60-day postponement period to file their Petition. Therefore, petitioners’ petition was filed timely, …
Michigan Updates Guidance on Tax Treatment of Retirement Income By Peter G. Pupke The Michigan Department of Treasury issued a release that discusses the tax treatment of retirement and …
FASB to Re-Expose Proposal on Interim Disclosure Rules for Public Comment The FASB on April 10, 2024, voted to issue a second proposal for interim disclosure rules, provisions companies would use …
Connecticut Governor Signs Budget Bill Enacting Personal Income Tax Cuts and Extending Corporate Surcharge by Teresa Callahan Connecticut Governor Ned Lamont has signed the state budget bill for the fiscal years 2024 and 2025, …