Taxes

The IRS has announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means

IRS Criminal Investigation officials have identified the individual killed Aug. 17 in a training incident at the Federal Correctional Institution, Phoenix, firing range. The deceased is Special Agent Patrick Bauer, 47, a long-time resident of Arizona. Bauer is survived by his wife and four children. In addition to being a special agent, Bauer was a

The Basics of ERC A recurring concept in the media is the Employee Retention Credit. The ERC is a refundable payroll tax credit that can be as high as $5,000 per employee in 2020, and even as high as $21,000 per employee in 2021. Employers qualify as an eligible employer under three circumstances: (i) Recovery

On August 16, 2022, President Biden signed the Inflation Reduction Act, which affects tax, energy, and healthcare laws. Its tax measures primarily include: a corporate alternative minimum tax; an excise tax on corporate stock repurchases; increased funding for the IRS; extensions of Affordable Care Act credits; and green energy credits. Corporate AMT The IRA imposes

Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures and why it could be a problem. This transcript has been edited for length and clarity. Robert Goulder: Hello, I’m Bob Goulder, a contributing editor with Tax Notes.

“What a difference the past 12 months has made.” That was how IRS Commissioner Danny Werfel kicked off remarks focused on the first anniversary of the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its operating budget for improvements and enforcement. That hasn’t always been

Tax tips on TikTok and other social media can be helpful. But when a tax strategy sounds too good to be true, it should give you pause even if—or perhaps especially if—a post, reel, or clip is circulated widely. Going viral doesn’t mean it’s any more valuable. In some instances, those numbers may be artificially

Tom Cullinan, a former IRS official now with Chamberlain Hrdlicka, discusses the basics of the employee retention credit, the recent rise in misleading promotions and fraudulent ERC claims, and the IRS’s response. This transcript has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax

It is no secret that many people seek to avoid California taxes by moving right before a major income event. They might be selling a company or settling a big lawsuit. Done carefully and with the right kind of income, leaving California can cut the sting of California’s high 13.3% state tax. Yet even moving

The G-20 is keeping a close eye on how developing countries are faring at the OECD’s inclusive framework. Within the past 18 months, the group has hosted or supported a number of new symposia and roundtables on developing countries and international tax. Those events help the G-20 take stock of how developing countries are feeling