IRS

Proposed regulations are coming on a new tax imposed on sales of “designated drugs,” established by the Inflation Reduction Act.

The IRS informed taxpayers on the home energy audit requirements in order to claim the energy efficient home improvement tax credit.

Under current law, net operating losses (NOLs) can no longer be carried back for two years, but they may be carried forward indefinitely.

Among the warning signs businesses should be wary of are vendors that require large, upfront contingency fees and those who fail to sign the amended payroll tax returns.

The report found that required tracking documents, such as Forms 3210, Document Transmittal, are not included with these shipments and/or not prepared properly.

By the 2025 filing season, the IRS will digitally process 100 percent of tax and information returns that are submitted by paper, as well as half of all paper correspondence, non-tax forms, and notice responses.

Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact.

If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family.