Final Forms and Instructions for IRS’ 2024 ACA Reporting Available
The IRS has released final forms and instructions for Affordable Care Act (ACA) information reporting for 2024. As a reminder, Forms 1094 -B and …
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 …
No Sign of Unclogging Key IRS Phone Line, Tax Pros Say
The IRS has indicated it’s on the way to clearing a massive, pandemic-caused backlog of unprocessed returns, but tax practitioners …
Key 2023 Individual Tax Items Calculated By Thomson Reuters Checkpoint Based On Inflation Data
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Conviction Affirmed: Evidence Showed Willful Evasion During Limitations Period
The Sixth Circuit affirmed James Pieron Jr.’s 2019 tax evasion conviction, finding that the district court didn’t err when it …
IRS Indicates Steady Progress Towards Clearing Processing Backlog
The IRS as of August 19 had 8.7 million unprocessed individual tax returns it has received in 2022, a mix …
IRS: Penalty Relief for Taxpayers Filing 2019, 2020 Returns
The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty …
IRS Announces Tax Relief for Island of St.Croix
The IRS has announced that individuals and households affected by a water shortage and an unprecedented influx of sargassum seagrass …
IRS Officials Lauds Early Success of Voice Bots
Since their introduction two years ahead of schedule in early 2022, IRS voice bots have proven effective in helping recipients …
Planning Around Major Changes to the Foreign Tax Credit
By Patricia Brandstetter and Jonathan D. Grossberg Final regulations, issued December 28, 2021 (TD 9959), significantly change longstanding principles for …