Werfel, Lawmakers React to Trump’s IRS Commissioner Pick
Current IRS Commissioner Danny Werfel spoke at a tax conference hosted by the University of Texas following President-elect Donald Trump’s …
With Reporting Deadline Looming, Court Blocks Corporate Transparency Act Enforcement
On December 3, a Texas federal district court preliminarily barred enforcement of the Corporate Transparency Act nationwide — the broad …
SCOTUS Weighs Bankruptcy Trustee’s Ability to Claw Back Tax Payments
This Monday, the U.S. Supreme Court considered whether federal tax payments made on behalf of a now-bankrupt company’s owners can …
IRS Finalizes 2013 Proposed Regs on Partnership Recourse Liabilities, Related-Party Rules
The IRS has finalized proposed rules from 2013 that address the allocation of recourse liabilities among partners and the related-party …
IRS’s AI Work Hard to Track, Watchdog Says
Although the IRS has dozens of ongoing projects that involve the use of artificial intelligence (AI), the agency struggles to …
IRS Clarifies Tax Treatment of CHIPS Award Recipients
The IRS specified in a November 26 announcement that the amounts a CHIPS Incentives Program awardee pays or incurs for …
The Tax Legislation Equation
Republicans have a “math problem,” a KPMG policy expert concluded, because extending tax cuts, the potential revenue raisers, and the …
Advice for Practitioners on Unused Digital Asset Basis Safe Harbor
A digital asset tax expert and an IRS official advised practitioners to consider their options presented in recent guidance that …
Tax Advantages of Single-member LLCs Making an S Corp Election
Practitioner’s Tax Action Bulletin® Advisory Fall is the time for tax planning and advisory services. Tax practitioners should have a …
Resolve Improper Employee Retention Credit Claims Now, IRS Says
The IRS is urging businesses to resolve improper Employee Retention Credit (ERC) issues now. The employer deadline for the second …