Foreign Tax Credit Regulations: Recent Updates for Taxpayers with Royalty Income from Abroad
If you are an American taxpayer who earns income from abroad, you may already be familiar with the foreign tax […]
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Blogs
Oversight in IRS Guidance Affecting S Corporations
Late last October, we wrote about a new revenue procedure by the IRS that allows S corporations and their shareholders to […]
IRS Tax Relief for California Storm Victims: What You Need to Know
California has been in for nasty weather this year, having been hit since January with an onslaught of storms that […]
How will the IRS Spend its $80 Billion Windfall?
Among the provisions of the Inflation Reduction Act of 2022 was an appropriation of $80 billion for the Internal Revenue […]
Domestic Partnerships Get a Break on Tax Forms With New IRS Instructions
Recently, we wrote about new draft guidance from the IRS that makes it easier for partnerships and S corporations to […]
New IRS Depreciation Limits for Automobiles Mean Possible Deductions for Businesses
If you own a car—or a fleet of cars—that you use for business, you should be aware that the IRS […]
IRS Announces Higher Mileage Rates for 2023
On December 29, 2022, the IRS increased the standard mileage deduction rate for vehicles used for business in 2023 to […]
Treasury Offers Foreign Banks and US Citizens Abroad Temporary Relief from FATCA
On December 30, 2022, the Treasury Department issued Notice 2023-11, guidance aimed at helping foreign banks and US citizens living […]
IRS Delays $600 Reporting Threshold for Form 1099-K
In November, we wrote about the IRS’s new $600 reporting threshold for third-party settlement organizations (TPSOs) and why it meant […]
IRS Backlog of Tax Returns Is Improving… Slowly
The Treasury Inspector General for Tax Administration (TIGTA), released a report on December 20, 2022, assessing the IRS’s plan to return […]
IRS & Dept. of Labor Renew Agreement to Collaborate Against Worker Misclassification
On December 14, 2022, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) announced that they are […]