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 […]

Posted By Tonneson
In International Tax, IRS Updates
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April 3, 2023Posted By Tonneson

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 […]

March 28, 2023Posted By Tonneson

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 […]

March 7, 2023Posted By Tonneson

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 […]

February 6, 2023Posted By Tonneson

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Recently, we wrote about new draft guidance from the IRS that makes it easier for partnerships and S corporations to […]

January 31, 2023Posted By Tonneson

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 […]

January 23, 2023Posted By Tonneson

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 […]

January 16, 2023Posted By Tonneson

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 […]

January 9, 2023Posted By Tonneson

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 […]

January 5, 2023Posted By Tonneson

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 […]

January 3, 2023Posted By Tonneson

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 […]

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