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 …
Senate Finance Grills IRS Chief Counsel Nominee
The Biden Administration nominee to serve as IRS Chief Counsel underwent critical questioning by Republican members of the Senate Finance …
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 …