News & Analysis as of

Internal Revenue Service Federal Taxes

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Proskauer Rose LLP

Wealth Management Update - September 2024

Proskauer Rose LLP on

The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September applicable federal rate (“AFR”) for use...more

Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

Husch Blackwell LLP on

On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

McDermott Will & Emery

Weekly IRS Roundup August 5 – August 9, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 5, 2024 – August 9, 2024. August 5, 2024: The IRS released Internal Revenue Bulletin 2024-32,...more

Fleurinord Law PLLC

Understanding the Federal and State Tax Implications of Student Loan Forgiveness

Fleurinord Law PLLC on

The idea of student loan forgiveness has caught the attention of many borrowers and sparked lots of discussions. If you're wondering how this might affect your taxes, you're not alone. It's important to know the rules and...more

Allen Barron, Inc.

The Step Doctrine and How it Applies to IRS, State, and California Tax

Allen Barron, Inc. on

It is important to understand the step doctrine and how it applies to IRS audits and state tax investigations, including California tax audits. The "step doctrine" is a concept not directly found in federal or California...more

Skadden, Arps, Slate, Meagher & Flom LLP

The IRS Takes Aim at Basis Adjustments in Partnership Transactions

On June 17, 2024, the IRS issued three pieces of guidance addressing certain “basis-shifting” transactions in the context of related-party partnerships: In new proposed regulations, the IRS identified several...more

Jones Day

Final Clean Vehicle Credit Regulations Clarify Diligence and Tracing Rules

Jones Day on

The Department of Treasury, the Internal Revenue Service, and the Department of Energy finalized guidance on the requirements for new and used clean vehicles to be eligible for federal tax credits....more

McDermott Will & Emery

[Event] Tax Symposium 2024 - May 14th - 15th, Chicago, IL

Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more

Foodman CPAs & Advisors

Individuos De Alto Patrimonio Reciben Advertencia Del IRS

El 10 de abril de 2024, como parte de su campaña de la Docena Sucia (“Dirty Dozen”) para 2024, el IRS emitió una advertencia a individuos de alto patrimonio con respecto a tres trampas fiscales diseñadas para ellos por...more

Foodman CPAs & Advisors

High Net Worth Individuals Get Warning From IRS

On 4/10/24, as part of its Dirty Dozen Campaign for 2024, the IRS issued a warning to High Net Worth Individuals regarding three tax traps designed for them by dishonest promoters and shady tax practitioners. High Net Worth...more

Eversheds Sutherland (US) LLP

Treasury and IRS release final regulations on elective payment election under CHIPS Act Section 48D

On March 5, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (Final Regulations) on the elective payment election of the advanced manufacturing investment credit...more

Mayer Brown

New Version of US Internal Revenue Service Form W-9 Requires Partnership Look-Through

Mayer Brown on

In March 2024, the Internal Revenue Service (“IRS”) released a new revision to Form W-9. Forms W-9 previously provided or collected do not expire nor need to be refreshed due to the publication of the new revision....more

Foodman CPAs & Advisors

Contribuyentes De Altos Ingresos Cuidado Que Las Acciones Del IRS Se Intensifican Si No Se Presentan Declaraciones De Impuestos

El 2/29/24, el IRS anunció un nuevo esfuerzo centrado en los contribuyentes de altos ingresos que no han presentado declaraciones de impuestos federales sobre la renta en más de 125,000 casos desde 2017. Los envíos por correo...more

Foodman CPAs & Advisors

High-Income Taxpayers Beware That IRS Actions Escalate If Tax Returns Aren’t Filed

On 2/29/24, the IRS announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The mailings include more than 25,000 to those with...more

Bowditch & Dewey

Help Paying for College – Federal Tax Credits

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Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more

Bowditch & Dewey

Update Your 2024 Tax Withholding to Avoid Year-End Surprises

Bowditch & Dewey on

Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more

Strafford

[Webinar] IRC 754 Elections for Tax Counsel: Mastering Structuring Considerations of Basis Adjustments - Navigating Complex Basis...

Strafford on

This CLE/CPE course will provide tax counsel with comprehensive guidance on the 754 election for partnerships. The panel will discuss the basis adjustment rules associated with sales, transfers, and partnership interests or...more

Allen Barron, Inc.

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Allen Barron, Inc. on

Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one...more

EDRM - Electronic Discovery Reference Model

How Tax Filing Alternatives Measure Up in Terms of Data Privacy and Cyber Risk

In a follow-up to our recently published article, “The Dream of Free, Secure Online Tax Filing Could Be Finally Here with IRS Direct File”, I wanted to share a high-level, direct comparison of data privacy and security risk...more

Foster Garvey PC

Unlocking Clean Energy Investments: New Elective Payment Credits for State and Local Governments

Foster Garvey PC on

State and local governments undertaking clean energy projects may be eligible for cash payments equal to the renewable electricity production tax credit or energy investment tax credit that would have been available to a...more

EDRM - Electronic Discovery Reference Model

The Dream of Free, Secure Online Tax Filing Could Be Finally Here with IRS Direct File

This week, the Internal Revenue Service (IRS) began to roll out a pilot for the agency’s free online tax-return filing program, known as “Direct File”. What should be a straightforward and beneficial program has already...more

Rivkin Radler LLP

Nothing Lasts Forever –Expiring Tax Provisions

Rivkin Radler LLP on

The Long-Term View- Among its core functions, federal tax policy seeks to encourage those behaviors among businesses that, in the long run, will have a lasting positive effect upon the nation’s economy as a whole. ...more

Burns & Levinson LLP

Death and Taxes – The Three Unavoidable Taxes in Estate Administration

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Death and taxes are often jokingly said to be two of the only unavoidable things in life. Unfortunately, taxes are also unavoidable when someone passes away. When administering an estate or trust after someone’s death, three...more

Allen Barron, Inc.

IRS Tax Filing is to Begin January 29, 2024

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The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns. Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024. The IRS will accept your tax return after...more

Troutman Pepper

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper on

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

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