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 …
Finance Committee to Markup Bill Ending Double-Taxation between U.S. and Taiwan
Senate Finance Committee Chair Ron Wyden, Democrat of Oregon, has announced plans to convene a business meeting on September 14, …
Client Update: Taxation of Nonresident Aliens
Individuals and entities that are not U.S. citizens or residents may be required to report income that is effectively connected with …
IRS Overhauls Enforcement Strategy to Spare ‘Working-class’ Taxpayers, Target Top Earners
Reaffirming commitments made when the IRS received an $80 billion appropriation one year ago from the Inflation Reduction Act (PL …
New Digital Asset Regs a ‘Huge Milestone,’ Crypto Tax Expert Says
Long-awaited proposed regs clarifying information reporting and basis determination rules for digital asset transactions under the Infrastructure Investment and Jobs …
IRS Now Accepting Applications for 2024 Compliance Assurance Process
In a News Release, the IRS announced that it is now accepting applications for the 2024 Compliance Assurance Process (CAP) …
IRS Mulls Future of Employee Retention Credit as Enforcement Ramps Up
Aggressive marketing pushing tax assistance with the employee retention credit has the IRS poised to crack down on fraudulent promotors …