Partnership tax filing checklist: More data requests, audits and complexity
Partnerships in tax year 2023 face new reporting requirements, detailed information demands and a sharp increase in the IRS' enforcement efforts.
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IRS announces increased audit activity for personal usage of corporate planes
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 new initiative aimed at high-income non-filers
IRS announces initiative aimed at high-income earners who have not filed tax returns. IRS estimates 125,000 instances of non-filing.
Updated Form 8283 contains modest revisions
The December 2023 revision of Form 8283 includes new reporting for digital assets, certified historic structures and passthrough entity information.
Tax relief bill passes House, faces uncertain fate in Senate
Tax legislation packaging the child tax credit and favorable business tax provisions moves to the Senate with momentum but an uncertain fate.
IRS releases guidance on PIN requirement for energy efficiency home improvement credit
The IRS intends to release proposed regulations on the PIN requirement for the energy efficiency home improvement credit under section 25C.
Nebraska lawmakers propose ‘EPIC’ SALT reforms
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.
State income tax law changes for the fourth quarter of 2023
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.
Beware of state equivalent 1099 filing obligations
As millions prepare to file federal forms 1099, the obligation to file state equivalent returns is often overlooked.
IRS to provide automatic penalty relief to eligible taxpayers
The IRS recently announced that taxpayers will receive penalty relief for failure to pay penalties incurred in tax years 2020 and 2021.
IRS will use AI to help target partnerships and high net worth individuals
The IRS announced a sweeping enforcement effort that will engage AI to focus on large partnerships and wealthy individuals.
IRS releases 2024 retirement plan limitations
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
IRS announces ERC Withdrawal Program
IRS announces simplified method for employers who have not yet received ERC refunds to withdraw claims that they now believe are ineligible.
State income tax law changes for the second quarter of 2023
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
SECURE 2.0: Considerations to achieve your workforce and business goals
Employers that understand SECURE 2.0's new requirements and the pros and cons of adopting optional provisions can implement the act effectively.
Required minimum distributions after SECURE 2.0
SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs.