Harris, GOP Taxwriters Exchange Blows on Child Tax Credit Policy
Recent timeline. The Tax Cuts and Jobs Act (P.L. 115-97, TCJA) of 2017 made several temporary changes to the CTC that …
IRS Withdraws, Reproposes Foreign Currency Gain, Loss Regs
The IRS has released new proposed regulations on making and revoking certain foreign currency gain or loss elections. These new …
Circuit Court Revives Crypto Reporting Legal Challenge
In partially reversing a lower court’s dismissal of multiple constitutional challenges to the amended Code section requiring the disclosure of …
Clean Electricity Reg Commenters Want 80/20 Rule Tweaks
Clean electricity stakeholders told the IRS at a reg hearing this week that clarifications are needed before final regs are …
Bipartisan Effort Would Enhance Child Care Tax Credits
Senators Tim Kaine (D-VA) and Katie Britt (R-AL) introduced a pair of bills aimed making child care more accessible and …
Pushback Against Corporate Transparency Act Filing Requirements Continues
Another case alleging that the Corporate Transparency Act’s beneficial ownership reporting requirements are unconstitutional has been filed — while cases …
IRS Postpones Tax Deadlines for Minnesota Victims Severe Storms, Flooding
The IRS has postponed tax deadlines for Minnesota victims of severe storms and flooding that began on June 16, 2024. …
IRS Updates Draft Digital Asset Information Return
The IRS updated the early draft version of the information return for digital asset brokers to report certain sale and …
Treasury: New Energy Credits ‘More Popular’ Than Expected
Ahead of the two-year anniversary of the enactment of the Inflation Reduction Act (PL 117-169), the Treasury Department shared data …
FinCEN Explains, Refines Beneficial Ownership Reporting Requirements
With the Corporate Transparency Act’s beneficial ownership reporting deadline looming, the agency in charge of administering the law — Treasury’s …