Proposed Rules for Reporting Excise Tax Liability on Designated Drugs Issued
The IRS has issued proposed regs that will provide guidance to taxpayers on how to report their liability for the excise tax …
IRS Forming Backup Plans as Government Shutdown Nears
The IRS is forming contingency plans as the likelihood of a government shutdown approaches, the union representing Treasury and IRS …
IRS Announces Tax Relief for Hurricane Lee Victims in Maine and Massachusetts
The Internal Revenue Service (IRS) has announced that taxpayers impacted by Hurricane Lee in Maine and Massachusetts are now eligible …
Win for Taxpayers in Transition Tax Case Would Cast ‘Cloud of Uncertainty,’ Analysts Say
By Tim Shaw Tax and legal analysts are forecasting a possible chaotic domino effect should the Supreme Court rule in …
Experienced Accountants Sought by IRS for New Large Corp, Partnership Auditor Positions
The IRS has posted over 3,700 new job openings for revenue agents specializing in large corporate and complex partnership compliance …
US Treasury Bureau Releases Beneficial Ownership Reporting Guide, Industry Displeased
By Brett Wolf U.S. Treasury Department’s anti-money laundering bureau has released a much-anticipated guide aimed at helping small businesses comply …
Government Shutdown Looms as Funding Solution Remains Elusive
With just 11 days left to avoid a shutdown, House Speaker Kevin McCarthy, Republican of California, remains at odds with …
Client Update: Educator Expense Deduction
This Client Update discusses the 2023 Educator Expense deduction. For 2023 this adjustment is worth $300. (IR 2023-150, 8/17/2023) Educator …
Perceived Corruption Reduces Trust in Tax Systems, Survey Shows
The latest biennial survey conducted by three financial professional organizations shows that across the globe, concerns over how tax revenue …
Key 2024 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …