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
Trump’s Plan to Stop Taxing Tips Could Cost Up to $250 Billion
A bill introduced by Republican lawmakers would ax federal and employment taxes on tips, but doing so could come at a price.
Majority of Outstanding High-Risk ERC Claims Expected to Be Rejected
The review involved months of digitizing information and analyzing data since last September to assess a group of more than 1 million Employee Retention Credit (ERC) claims representing more than $86 billion filed amid aggressive marketing last year.
Florida Fisherman Pleads Guilty to Evading $400K in Taxes
He is scheduled to be sentenced on Sept. 17 and faces a maximum sentence of five years in prison, a period of supervised release, restitution and monetary penalties.
IRS Offers Guidance on Exceptions to Tax on Early Emergency Retirement Distributions
A taxpayer is permitted to receive a distribution from an applicable eligible retirement plan to meet unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses.
House GOP Shifts Message on 2017 Tax Cuts
Cost concerns and blue-district GOP issues prompt strategy rethink among Republicans charged with reviewing the expiring provisions.
Senate Finance Dems Look to Raise Revenue for 2025 Tax Cliff
Top party lawmakers are making it clear that taxes need to rise on wealthy individuals and multinational corporations.
IRS Releases FAQs on Sec. 127 Educational Assistance Programs
If provided under an educational assistance program, certain educational assistance benefits can be excluded from gross income.
IRS Plans to Stop Basis Shifting Transactions
Cracking down on this tax loophole used by the wealthy could raise more than $50 billion in revenue over 10 years, Treasury said June 17.