Income Tax
Latest News
Taxbit Unveils New Global Tax Reporting Platform
April Launches New Tax Filing Solution to Tackle Complex Financial Situations
Sovos Introduces 1099 Professional For SMBs
Vero AI Launches Iris GRC
U.S. Olympians Get Tax Break for Medals and Financial Awards
Until 2016, the U.S. taxed Olympic medal winners on the value of the medals won. A law enacted in 2016 excluded the value of Olympic medals from tax for those with incomes of $1 million or less, starting in 2016.
IRS Encourages Pre-Filing Registration for Elective Pay Claims
The agency recommends that taxpayers submit the pre-filing registration at least 120 days before the planned filing date.
IRS Reminds Truckers of Key Tax Deadline
Taxpayers who operate large trucks and buses have until Sept. 3 to file Form 2290 for vehicles used in July 2024, the IRS said.
N.J. Accounting Professor Convicted of Tax Evasion
Gordian Ndubizo of New Jersey who taught accounting at Drexel University was convicted Aug. 15 by a federal jury on all eight counts.
IRS Opens 2025 Tax Compliance Program for Corporations
The application period for the 2025 Compliance Assurance Process program will be from Sept. 4 until Oct. 31, the agency said Thursday.
Harris to Propose Tax Cuts for Newborns in Economic Agenda
The proposal, which Kamala Harris will announce on Aug. 16, would provide a $6,000 child tax credit within a newborn child’s first year.
What’s Kamala Harris’ Tax Plan for Middle Income Workers?
Details on her tax positions will likely become a crucial campaign issue, as polls show economics is one of voters' top concerns.
Americans Claimed More Than $8 Billion in Clean Energy Credits Last Year, IRS Says
Over 3.4 million U.S. families claimed $8.4 billion in tax credits to lower the costs of their home energy upgrades, new data shows.