Income Tax

Reporting entities can now elect to account for qualifying tax equity investments using the proportional amortization method.

The favorable tax treatment isn’t automatic. To avoid current tax, you and the qualified intermediary must sign a "Qualified Exchange Accommodation Agreement."

Taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury.

if you can’t present clear and convincing evidence that the loan is tied to a business transaction, the transaction may be deemed to be a gift.

Depending on the circumstances, it may be better to bypass the exclusion on a current sale and save it for the time when it will do you more tax good.

Now that the IRS has just released its Strategic Operations Plan which lays out the allocation of the funds, you may want to pay close attention to this plan.

The spending plan includes goals and timetables covering areas such as operations support, enforcement, taxpayer services and IT modernization.

The IRS lists 21 different 1099 forms. Here is an overview of each form, as of March 2023, and why you could receive one.