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Troutman Pepper

FERC Chief Accountant Proposes to Modify Transferability of Income Tax Credits

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On September 12, 2024, FERC’s Chief Accountant issued a notice of proposed accounting release (“NOPAR”) to modify the transferability of income tax credits (“ITCs”) related to certain energy projects under the Inflation...more

Obermayer Rebmann Maxwell & Hippel LLP

The Impact of a Divorce on Taxes

The post-Labor Day surge in family law cases comes with many questions, including concerns about upcoming holidays, and whether a divorce will be finalized by year-end. For some, the imminent tax extension deadline for...more

McDermott Will & Emery

Weekly IRS Roundup August 26 – August 30, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 26, 2024 – August 30, 2024. ...more

Foodman CPAs & Advisors

Taxpayers Abroad are Underserved and Challenged

The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate...more

McDermott Will & Emery

Weekly IRS Roundup August 19 – August 23, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 19, 2024 – August 23, 2024. August 19, 2024: The IRS released Internal Revenue Bulletin...more

Fleurinord Law PLLC

The Pros and Cons of Parents Claiming College Students as Dependents

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As the back-to-school season kicks off and college students begin their fall semester, now is the perfect time to consider the financial implications of your child heading off to college. The decision of whether to claim them...more

McDermott Will & Emery

Weekly IRS Roundup August 5 – August 9, 2024

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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

Hinshaw & Culbertson LLP

Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA)

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA's application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network...more

Blank Rome LLP

New Mexico Again Loses Unity of Foreign Income

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The New Mexico Taxation & Revenue Department (“Department”) wrongly ignored the statutory exclusion for foreign corporations incorporated in foreign countries that do not engage in a trade or business in the United States...more

McDermott Will & Emery

Weekly IRS Roundup July 1 – July 5, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 1, 2024 – July 5, 2024....more

Seyfarth Shaw LLP

Hong Kong’s Foreign-Sourced Income Exemption (FSIE) Regime Refined

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Seyfarth Synopsis: To bring Hong Kong’s Foreign-Sourced Income Exemption (FSIE) regime in line with the European Union’s updated guidance on FSIE regimes promulgated in December 2022, the Inland Revenue (Amendment) (Taxation...more

Bowditch & Dewey

Spousal Relief From Joint Tax Liability

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As a general rule, when a married couple files a joint tax return, they are jointly and severally liable for the entire tax. But what happens if one spouse failed to report income and the other spouse did not know or have...more

McDermott Will & Emery

Weekly IRS Roundup June 24 – June 28, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 24, 2024 – June 28, 2024. ...more

Farrell Fritz, P.C.

The Importance of Proper Tax Documentation in Tax Deductions

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The IRS’ determinations in a notice of deficiency are generally presumed correct. Therefore, unless specifically excepted by Tax Court Rule or statute, the burden of proof in civil tax proceedings is ordinarily on the...more

McDermott Will & Emery

Weekly IRS Roundup June 17 – June 21, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 17, 2024 – June 21, 2024. ...more

Gray Reed

IRS Continues Focus On Large Partnerships: 3 Items To Watch Out For

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In recent years, the IRS has focused its attention and resources on large partnerships. In 2021, the agency launched an initial phase of its Large Partnership Compliance (LPC) program. Under this program, the IRS identified...more

McDermott Will & Emery

Weekly IRS Roundup June 10 – June 14, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 10, 2024 – June 14, 2024....more

Jaburg Wilk

Eight Essential Tax Insights For Arizona Residents Who Are Navigating Divorce

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Divorce and legal separation can entail more than just emotional and legal complexities. They can also involve navigating intricate and complex tax implications. There are eight key considerations to consider relative to...more

Foodman CPAs & Advisors

Correo Del IRS

En su mayor parte, los contribuyentes no quieren recibir correo del IRS ni abrir correo del IRS. Es por eso por lo que el IRS emitió el Consejo Fiscal (“Tax Tip”) 2024-45 el 6 de mayo de 2024 para informar a los...more

Foodman CPAs & Advisors

Mail From The IRS

For the most part, Taxpayers do not want to receive mail from the IRS or open mail from the IRS. This is why IRS issued Tax Tip 2024-45 on May 6, 2024 to let taxpayers know what taxpayers should do if they receive mail from...more

Foodman CPAs & Advisors

Ofrecimiento De Transacción: Oportunidad Para Resolver La Deuda Tributaria

El IRS emitió el Consejo Fiscal 2024-37, el 24 de abril de 2024, para informar a los contribuyentes que no pueden pagar su deuda tributaria completa o si pagar les causaría dificultades financieras, que deberían considerar...more

Foodman CPAs & Advisors

Offer In Compromise: Opportunity To Solve Tax Debt

IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in compromise which is a program...more

Foodman CPAs & Advisors

¿Cómo Enmendar Declaración De Impuestos?

El IRS publicó el Consejo Fiscal 2024-38 el 25 de abril de 2024 para explicarle a los contribuyentes cómo enmendar declaración de impuestos. Si un contribuyente descubre un error después de presentar su declaración, es...more

Foodman CPAs & Advisors

How To Amend A Tax Return?

The IRS released Tax Tip 2024-38, April 25, 2024, to explain to taxpayers how to amend a tax return. If a taxpayer discovers an error after filing their return, the taxpayer may need to amend a tax return. IRS states that...more

McDermott Will & Emery

Weekly IRS Roundup June 3 – June 7, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 3, 2024 – June 7, 2024. June 3, 2024: The IRS released Internal Revenue Bulletin 2024-23, which...more

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