Taxes
Latest News
IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
GASB Proposes Guidance on Subsequent Events
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
Hunter Biden Faces Jan. 11 Arraignment on Tax Charges
Hunter Biden must respond to federal charges that he failed to pay taxes on millions of dollars he received from foreign businesses.
New State and Local Taxes – Dec. 2023
The start of a month typically brings some number of tax-related changes. Some of the standouts for December 2023 are described below.
IRS Expands Business Tax Accounts to Include S Corporations and Partnerships
Individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.
Bill Would Give Tax Credits for Rare Earth Magnets Made in the U.S.
The legislation would provide a $20 per kilogram production tax credit for rare earth magnets manufactured in the United States.
IRS Provides More Guidance on New Corporate AMT
The corporate AMT imposes a 15% minimum tax on the adjusted financial statement income of large corporations.
IRS Tax Demands Would Take Money From FTX Bankruptcy Victims
U.S. officials will take money away from FTX victims unless a judge rejects the government’s demand for $24 billion in unpaid taxes.
IRS Sets Mileage Rate at 67 Cents Per Mile for 2024
The optional standard mileage rate for business use of a vehicle will increase 1.5 cents from 2023, the IRS said on Thursday.
IRS Chief Lays Out Plans for New Leadership Structure
Expected to occur in early 2024, this is the first leadership reorganization at the tax agency in more than two decades.