IRS Provides Transition Relief From Section 603 Catch-up Contribution Change
The IRS announced a two-year administrative transition period for the new Roth catch-up requirement. Section 603 of the SECURE 2.0 …
NATP Fee Study Shows Tax Becoming a ‘Graying Industry,’ Director Says
Commenting on the National Association of Tax Professionals’ biannual study on trends within the tax industry, an executive from the …
American Bar Association Comments on Proposed Elective Credit Payment Regs
Finalized regs implementing the direct pay election for certain credits under the Inflation Reduction Act (PL 117-169) need specific clarifications …
IRS Says Federal Credit Unions May Claim ERC for Certain Periods
In a Chief Counsel Advice, the IRS Chief Counsel’s Office addresses whether federal credit unions may claim the employee retention …
Child Tax Credit Bill Has One Fatal Flaw, Nonprofit Says
A recent legislative proposal introduced by a cohort of Senate Democrats to permanently restore the now lapsed expanded child tax …
Hawaii Wildfire Victims Provided with Disaster Tax Relief
The IRS has provided expansive tax relief for wildfire victims in Maui and Hawaii counties. Taxpayers who reside or have …
Bipartisan House Bill Aims to Expand Child Care Tax Credits
Recently proposed legislation that would expand employer and household child care-related tax credits, as well as bolster a federal aid …
Ways and Means Seeks Input on Questionable EO Activities
The Committee on Ways and Means is conducting an investigation into whether entities that qualify as tax-exempt under Code Sec. 501 are …
McCarthy Tells GOP Lawmakers Short-Term Funding Bill Necessary
The House of Representatives will need a short-term funding measure come September as it struggles to coalesce around a budget …
Democrats, Policy Orgs Commend IRS for ‘Real Progress’ Made in First Year of New Funding
At a virtual event commemorating the one-year anniversary of the Inflation Reduction Act’s (PL 117-169) enactment, congressional Democrats and representatives …