IRS Issues New Guidance for Energy Facilities in Low-Income Communities
The IRS has issued new application and documentation procedures for the low-income communities bonus credit program (Program) for the 2024 …
US Taxpayers Living Abroad Have Until June 17 to File US Return and Pay US Tax
With April 15 fast approaching, the IRS is reminding taxpayers living abroad that they have until Monday, June 17, 2024, …
Tax Court Finds Conservation Easement Extinguishment Reg Invalid; Rule Violated APA
Ruling for the plaintiff in a conservation easement case, the Tax Court on March 28, held that the IRS’ rule …
SCOTUS Hears Arguments in Estate Tax Life Insurance Stock Redemption Case
The Supreme Court heard oral arguments to settle a circuit court split over whether life insurance proceeds following a shareholder’s …
Corporate Jet Audits: What the IRS Is Looking For
The IRS’ recent announcement of a crackdown on corporate jet usage garnered national attention as the Biden administration continues down …
Proposed Clean Hydrogen Production Credit Guardrails Elicits Mixed Reaction
A set of criteria put forth by the Treasury Department for determining which tier of the clean hydrogen production tax …
Prop Regs: Some CRATs to be Listed Transactions
The IRS has issued proposed regs that would identify certain charitable remainder annuity trust (CRAT) transactions and substantially similar transactions …
IRS Proposes to Amend Rules for Providing Advance Notice of Third-Party Contacts
The IRS has proposed updating the rules for providing taxpayers with advance notice of third-party contacts to conform to the …
Senators Revive Caterpillar Tax Probe Inquiry
Two Senate Democrats asked the head of the Justice Department to shed light on the Tax Division’s prior handling of …
Werfel: Accuracy, Analytics at Heart of IRS Strategy
By using funding from the Inflation Reduction Act (PL 117-169), the IRS can better leverage data to set a more …