Proposed Regs on Micro-Captive Listed Transactions, Transactions of Interest Finalized
The IRS has finalized proposed regulations (REG-109309-22) that identify transactions that are “the same as, or substantially similar to,” certain …
Tax Season Begins Jan 27; ‘Enhanced’ Direct File Goes Live Same Day
The IRS announced that the 2025 tax filing season is scheduled to begin Monday, January 27, and that its Direct …
‘One Powerful Bill’ To Address Expiring Tax Provisions and More
Republicans are eager to start delivering on President-elect Donald Trump’s campaign promises via reconciliation — a fast-track option available when …
Final Regs Expand Sec. 45V Credit to More Hydrogen Production Sources
After reviewing over 30,000 comments and a year of fine-tuning, the IRS issued final regs implementing the Code Sec. 45V Clean Hydrogen …
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 …