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 …
IRS Obsoletes Notice on Exemptions, Waivers of Electronic Filing Requirements for Certain Returns
The IRS has obsoleted Notice 2010-13, which provided guidance on how certain filers could obtain administrative exemptions and waivers of the …
IRS Issues Final Regs and Guidance Regarding Increased Energy Credit
The IRS issued final regs and Rev Proc 2023-27 to provide guidance for owners of certain solar or wind facilities built in …
Treasury Announces Plans to Educate Small Businesses on Anti-money Laundering Rules
By Brett Wolf The U.S. Treasury Department’s anti-money laundering bureau will soon publish a guide and establish a support center …