Tax Court: Overall Foreign Loss Recaptured, Remaining Gain Not Exempt or Recharacterized
The Tax Court determined that a US company’s gain from the sale of its foreign subsidiary was not recharacterized as …
No Supervisory Approval Needed for Penalty Assessed by Computer Program
The Tax Court has determined that a failure to file information returns penalty, assessed by the IRS’ Combined Annual Wage …
Secretary Yellen: Paperless Filing Initiative ‘Ahead of Schedule’
The IRS’ Inflation Reduction Act-funded (PL 117-169) initiative to move tax filing, correspondence, and assistance services online is coming along …
Speaker Johnson Doubles Down on Stripping IRS Funds for Israel Support
Days after the House passed a $14.3 billion Israel emergency aid package, the chamber’s new leader defended Republicans’ decision to …
IRS Webinar: ERC Withdrawal Process, Common Issues, and Repayment Process Coming Soon
By Debbie Tam On November 2, the IRS presented a webinar, Employee Retention Credit: Latest information on the Moratorium and Options …
IRS Seeks Volunteers for Free Tax Services
The IRS has announced its Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are currently …
Former TCJA Staffer Defends Validity of Transition Tax in Moore
A former Republican staffer who worked directly on the construction of the Tax Cuts and Jobs Act’s one-time transition tax …
GOP Eyes Spending Bills as Vehicles for IRS Funding Clawbacks
Amid annual appropriation and Israel support negotiations now that the House speaker position has been filled, Republicans are seeking to …
Prop Regs Clarify No Surprises Act Dispute Resolution Process
The IRS, in conjunction with other government agencies, has issued proposed regs that clarify the federal independent dispute resolution (IDR) …
Lawmakers Question Tax Prep Corps on FTC Privacy Violation Warnings
Following up on civil penalty warnings from the Federal Trade Commission (FTC), as well as their own independent investigation, a …