Pillar Two Experts Offer Considerations for Multinationals
The current state of the international tax community’s gradual adoption of the 15% global minimum tax on multinational enterprises (MNEs) …
OPR: Withdrawing Old Client Authorizations Protects Client Data
The IRS’ Office of Professional Responsibility (OPR) has issued an alert recommending that Circular 230 practitioners routinely withdraw client authorizations when the …
IRS: Nonfilers Must Claim 2020 Recovery Rebate Credit by May 17
Individuals who are eligible to claim the 2020 Recovery Rebate Credit (RRC) because they didn’t get an Economic Impact Payment …
Lawmakers Urge IRS to Close Corporate Airfare Tax Loophole
On the heels of President Biden’s State of the Union Address and a recent IRS announcement of a new enforcement …
Tax Court: Congress ‘Clearly Stated’ Filing Deadline for Innocent Spouse Review Is Jurisdictional
Congress clearly stated that the 90-day filing deadline for seeking review of an IRS determination denying innocent spouse relief is …
IRS Invites Recommendations for 2024-2025 Priority Guidance Plan
The IRS has invited the public to submit recommendations for items to be included on the 2024-2025 Priority Guidance Plan. …
Dyed Diesel Penalty Relief Granted Due to Texas Wildfires
The IRS will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 …
Client Update: Qualified Joint Venture Election for Married Business Owners
This Client Update discusses the qualified joint venture election for married couples who jointly own an unincorporated business. Generally, an unincorporated business …
Final Elective Payments of Certain Clean Energy Credits Regs Issued
The IRS has issued final regs for applicable entities that earn certain clean energy credits and choose to make an …
Reminder: ERC Voluntary Disclosure Program Ends March 22
Businesses that mistakenly submitted a claim for an Employee Retention Credit (ERC) have until March 22 to take advantage of …