Taxes

The guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA). The majority of the changes made by the TCJA are scheduled to expire, or “sunset,” on December 31, 2025, unless Congress acts to extend them.

The new work group, which was formed last fall, has officially started work to more efficiently conduct audits of pass-throughs.

As shown in a new case, Estate of Fields, TC Memo 2024-90, 9/26/24, there must be a legitimate transfer of business ownership. This can’t be merely a means to reduce or avoid tax liability.

A Florida man has pleaded guilty to evading the payment of more than $1.7 million he owed for tax years 2004 through 2014.

The revenue procedure provides procedures and requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer (QM).

Lobbyists this year have stressed the need for companies to engage early on next year’s expiring tax provisions.

Tax-exempt organizations should maintain Form 4626 in their books and records for purposes of documenting whether they are an applicable corporation for purposes of the alternative minimum tax and, if so, for determining any corporate alternative minimum tax liability.

This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft.