Income Tax

The accumulated earnings tax must be paid in addition to the regular corporate income tax.  Despite recent threats by Congress to raise the ante, this penalty tax remains at the 20% rate.

The guidance is being issued as part of the IRS's efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers.

These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.

Under proposed changes from the Dept. of Labor, any salaried employee making less than $55,000 per year, or $1,059 per week, would be eligible for overtime. That would be a significant jump from the current cutoff at $35,568 per year.

Under the 2015 Fixing America’s Surface Transportation (FAST) Act, the IRS can deny, revoke or limit a passport if you have a seriously delinquent tax debt.

The proposed regulations include prevailing wage and registered apprenticeship requirements for clean energy projects.

In addition to IRS representation training sessions, the partnership will enable tax professionals to explore adding new revenue streams to their practices with tax resolution services.

The last time the agency increased interest rates on tax overpayments and underpayments was for Q1 of this year.