Tax Court Rejects IRS Clawback of Low-Income Housing Credit
The Tax Court rejected the IRS’ attempt to recapture low-income housing credits from a real estate developer and determined that …
House Blocks SALT Marriage Penalty Relief Bill
A bill that would allow married joint filers with incomes up to $500,000 to have their own $10,000 state and …
Tax Professionals Warned About Increase In ‘New Client’ Scams
The IRS has issued a warning to tax professionals to watch out for a “new client” scam that usually “peaks …
IRS: Warning Signs of Incorrect ERC Claims; Resolve Issue Now
The IRS shared warning signs that an Employee Retention Credit (ERC) claim may have issues. Small businesses are urged to …
Reminder: IRS Information Return Error Notices
The IRS is reminding payers such as banks, credit unions, and businesses that file information returns to check their returns for mismatch …
Recent IRS Webinar Provides Tips for ERC Voluntary Disclosure Program
By Debbie Tam On February 8, 2024, the IRS presented a webinar to provide information on the Employee Retention Voluntary Disclosure …
CPAs Submit Tweaks to Proposed Donor Advised Fund Regs
The American Institute of Certified Public Accountants (AICPA) sent a letter to leaders in the IRS Office of Chief Counsel …
IRS Analysis: Inflation Reduction Act Funds to Raise More Revenue Than Expected
In a new white paper, the IRS boasted that modernization and enforcement efforts funded by the approximately $80 billion appropriation …
Tax Expert: Timing of Tax Deal Bill May Impact Taxpayer Decision on When to File
The bipartisan tax package awaiting its fate in the Senate contains multiple retroactive provisions that would affect the current filing …
IRS Provides Depreciation Tables for Passenger Automobiles
This article originally appeared in the January 19, 2024, edition of Accounting & Compliance Alert, available on Checkpoint. Get all the …