An IRS examination of this issue can be time intensive and arduous if the business does not take the necessary proactive steps to ensure all required documents are in order to defend the company's position in front of the IRS.
IRS announces initiative aimed at high-income earners who have not filed tax returns. IRS estimates 125,000 instances of non-filing.
The December 2023 revision of Form 8283 includes new reporting for digital assets, certified historic structures and passthrough entity information.
Tax legislation packaging the child tax credit and favorable business tax provisions moves to the Senate with momentum but an uncertain fate.
The IRS intends to release proposed regulations on the PIN requirement for the energy efficiency home improvement credit under section 25C.
Would life in the Cornhusker state be better if funded entirely through a sales tax? Voters may have a chance to find out in 2024.
A summary of state and local income tax updates enacted during the quarter ending Dec. 31, 2023, which may impact current or deferred tax provisions.
As millions prepare to file federal forms 1099, the obligation to file state equivalent returns is often overlooked.
The IRS recently announced that taxpayers will receive penalty relief for failure to pay penalties incurred in tax years 2020 and 2021.
Example illustrates how to present acquired cash and consideration transferred in accordance with FASB ASC Topic 805.
The IRS announced a sweeping enforcement effort that will engage AI to focus on large partnerships and wealthy individuals.
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
IRS announces simplified method for employers who have not yet received ERC refunds to withdraw claims that they now believe are ineligible.
Donations to charity fell to $499 billion last year, a 3.4% decrease from 2021.
A summary of state and local income tax updates enacted during the quarter ending June 30, 2023, which may impact current and deferred tax provisions
Rising interest rates put a spotlight on cash management for construction contractors looking to reduce liquidity risk.
