GAO: Direct File Customer Support Staff May Not be Ready for Tax Time
Despite a successful pilot last filing season, the IRS may have challenges in the first full year operating its Direct …
Consolidated Return Rules Modernized
The IRS has issued final regs that modernize the language of rules governing consolidated corporate income tax returns filed by …
Digital Asset ‘Middleman’ Reporting Regs, Transition Relief Issued
The IRS has issued final regs that include participants in the decentralized digital asset space that provide trading front-end services …
Congress Passes Bill on Public Service Worker Social Security Benefits
The Senate passed a bipartisan bill, 76-20, on December 20 that revises how public pension beneficiaries are treated for Social …
Wyden Takes Aim at Life Insurance ‘Tax Shelter’
As the legislative session came to a close, outgoing Senate Finance Committee Chair Ron Wyden (D-OR) unveiled a draft proposal …
IRS Needs Secure Annual Funding, ABA Tells Budget Leaders
To effectively meet its core responsibilities, the IRS needs sustained annual appropriations and access to expected funds authorized by the …
In Massive CR: IRS Funding Cut, Beneficial Ownership Report Extension
With government funding set to run out on Friday, House Speaker Mike Johnson (R-LA) unveiled a continuing resolution (CR) Tuesday …
What Expiration of the SALT Cap Would Mean for Pass-Through Entity Taxes
The federal limit on state and local tax deductions, known as the SALT cap, is set to expire for tax …
DOL Begins Collecting Information for Retirement Savings Lost and Found Database
EBSA Announcement of Voluntary Information Collection Request: Retirement Savings Lost and Found, 89 Fed. Reg. 91787 (Nov. 20, 2024); Fact …
Protect disaster victims’ refunds from getting caught in the Lookback Trap
Mary Lundstedt December 23, 2024 In the wake of a devastating hurricane season, tax practitioners can help those clients affected …