FedEx Secures Foreign Tax Credit Win in Offset Earnings Battle
Finding that Treasury’s final transaction tax reg conflicts with the Tax Code, a federal district court agreed with transport industry …
IRS: April 18 Is Deadline for Making 2022 IRA Contributions; April 15 Is Deadline for Removing Excess Plan Deferrals
On April 11, 2023, the IRS reminded individual taxpayers that they have until April 18, 2023, to make contributions to a traditional …
DOJ Touts Efforts to Crack Down on Fraudulent Tax Preparers
The Department of Justice, ahead of Tax Day, advised taxpayers to exercise extreme caution in selecting tax preparers and touted …
Micro-Captive ‘Transactions of Interest’ Prop Regs Released
The IRS has issued proposed regs that identify transactions that are the same as, or substantially similar to, certain micro-captive …
IRS Commissioner Details Strategic Operating Plan for Inflation Reduction Act Funding
On April 6, 2023, new IRS Commissioner Daniel Werfel and Deputy Treasury Secretary Wally Adeyemo held a conference call to discuss …
Red Hill Fuel Spill Payments Excluded From Income, IRS Announces
The IRS has announced that civilians who received payments from the Defense Department to reimburse expenses or damages caused by …
At Ceremonial Swearing-In Werfel Says Funding Plan Ready This Week
During his swearing-in ceremony as 50th IRS Commissioner on April 4, 2023, Danny Werfel took to the podium at the …
IRS to Provide Longer Transition Period for FTC Single-Country Doc Requirement
The IRS has announced that it will provide a longer transition period for the “documentation requirement” when the single-country exception …
IRS Issues New Clean Vehicle Credit Proposed Regs
The IRS has issued proposed regs regarding the Code Sec. 30D new clean vehicle credit. (Preamble to Prop Reg REG-120080-22, IR 2023-64, Fact …
Ways and Means Republicans Seek to Halt OECD Funding
Fundamental differences in taxation philosophies between Republican taxwriters and Organization for European Economic Co-Operation (OECD) prompted a group of House …