Social Security Wage Base Increases to $168,600 in 2024
The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $160,200 to …
IRS Warns High-Income Taxpayers About Danger of Improper Art Donation Deduction Promotions
The IRS has cautioned taxpayers to be on the alert for promotions involving “exaggerated art donation deductions” that are aimed …
TIGTA Assesses Development of IRS-Run E-Filing System
The Treasury Inspector General for Tax Administration (TIGTA) has released an audit initiated to assess the IRS’ compliance with a …
IRS Publishes the Unused Housing Credit Carryovers for 2023
The IRS has published the unused low-income housing tax credit (LIHTC) carryovers for calendar year 2023. The IRS has allocated …
Prop Regs and Other Guidance on EV Car Credit Transfer Rules
The IRS has issued proposed regs and a revenue procedure that would provide guidance for taxpayers who purchase qualifying previously-owned …
Prop Regs: Triangular Reorganizations and Nonrecognition Transactions
The IRS has issued proposed reliance regs related to triangular reorganizations and nonrecognition transactions. The proposed regs adopt, with modifications, …
Lawmakers Press IRS on Tax Fairness, Employee Retention Credit Fraud
With a government shutdown averted for the time being, members of Congress in both chambers this week have refocused attention …
Reminder: Extended 2022 Return Due Dates Fast Approaching for Individuals, Corporations
The IRS reminds taxpayers of the October 16 tax filing extension deadline. To avoid a possible late filing penalty, those …
Congress Passes Last Minute CR Funding Government for 45 Days
On Saturday, September 30, 2023, Congress passed a last minute continuing resolution (HR 5860) that funds the federal government at …
IRS Issues New Procedure on Wash Sale Rules for Money Market Funds
The IRS has issued a new procedure covering the wash sale rules for money market funds. The new procedure describes …