IRS

In late August, the IRS announced it would offer automatic penalty relief to certain taxpayers for taxable years 2019 and 2020.

When a taxpayer's loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in ...

The Internal Revenue Service has announced that Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.

Inflation adjusted amounts in the tax code will increase by roughly 7.1% from 2022, more than double last year’s increase of 3%, according to the 2023 Projected U.S. Tax Rates forecast.

The NTA outlines the most time-sensitive priorities for the IRS in part one of her NTA Blog which focuses on eliminating the backlog of processing paper ...

The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.

Generally, the income is taxable in the year that the forgiveness or cancellation occurs. The creditor will

With this tried-and-true tax planning technique, you can defer the tax over several years, usually reducing the overall tax bite.