IRS Further Extends Tax Relief for 2023 Hawaii Wildfire Victims
he IRS has extended an earlier postponement, until August 7, 2024, for individuals and businesses with filing and tax-payment deadlines …
Payroll Fraud in the News: Types of Fraud and How to Prevent It
By Debbie Tam A recent report released by the Association of Certified Fraud Examiners (ACFE) revealed that payroll fraud schemes make up …
Tax Court: Petition Was Timely Filed, Filing Period Subject to 60-Day Disaster Extension
Petitioners were entitled to an automatic, mandatory 60-day postponement period to file their Petition. Therefore, petitioners’ petition was filed timely, …
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 …