FDII Deduction’s Fate in Question
While some lawmakers have called for expanding the foreign-derived intangible income (FDII) deduction – which was intended to keep intellectual …
IRS Releases Final Rules on PWA Requirements for Increased Clean Energy Project Credits
The IRS has issued final regulations on the prevailing wage and apprenticeship (PWA) requirements for claiming an increased credit or …
Experts Offer Advice to Charitable Hospitals as IRS Steps Up Audits
As the IRS steps up audits of tax-exempt nonprofit hospitals, experts at Grant Thornton offered advice to help tax professionals …
IRS, Treasury Crack Down on Abusive Partnership Transactions in New Initiative
The IRS and Treasury Department issued a suite of guidance as part of a new regulatory initiative aimed at closing …
Do Not ‘Solely Rely’ on AI Tax Advice, Says Taxpayer Advocate; Industry Responds
Customers of major tax preparation companies should take tax advice from artificial intelligence chatbots with a grain of salt due …
FATCA IDES Migrating to Updated System June 14, 2024
The FATCA International Data Exchange Service (IDES) is migrating to an updated system and vendor beginning at 8 am EDT …
Reminder: 2024 Second Quarter Estimated Tax Payment Deadline is June 17
The IRS is reminding taxpayers who need to make estimated tax payments that the 2024 second quarter estimated tax deadline …
IRS Official Talks ‘Digital Transformation’ Goals
For the IRS to effectively shift the taxpayer experience to a fully digital landscape, it must leverage teams across different …
A New Threat to Race-based Charitable Organizations
In a case contending that a nonprofit fund benefiting Black female entrepreneurs is discriminatory, the Eleventh Circuit has sided with …
Conservation Easements Valued in Charitable Deduction Disputes
The Tax Court, in 13 consolidated cases involving denied charitable contribution amounts for related conservation easements, determined the appropriate valuation …