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Income Taxes Tax Returns Federal Taxes

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McDermott Will & Emery

Weekly IRS Roundup August 5 – August 9, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 5, 2024 – August 9, 2024. August 5, 2024: The IRS released Internal Revenue Bulletin 2024-32,...more

Bowditch & Dewey

Spousal Relief From Joint Tax Liability

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As a general rule, when a married couple files a joint tax return, they are jointly and severally liable for the entire tax. But what happens if one spouse failed to report income and the other spouse did not know or have...more

McDermott Will & Emery

[Event] Tax Symposium 2024 - May 14th - 15th, Chicago, IL

Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more

Foodman CPAs & Advisors

Contribuyentes De Altos Ingresos Cuidado Que Las Acciones Del IRS Se Intensifican Si No Se Presentan Declaraciones De Impuestos

El 2/29/24, el IRS anunció un nuevo esfuerzo centrado en los contribuyentes de altos ingresos que no han presentado declaraciones de impuestos federales sobre la renta en más de 125,000 casos desde 2017. Los envíos por correo...more

Foodman CPAs & Advisors

High-Income Taxpayers Beware That IRS Actions Escalate If Tax Returns Aren’t Filed

On 2/29/24, the IRS announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The mailings include more than 25,000 to those with...more

Bowditch & Dewey

Help Paying for College – Federal Tax Credits

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Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more

Bowditch & Dewey

Update Your 2024 Tax Withholding to Avoid Year-End Surprises

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Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more

Allen Barron, Inc.

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Allen Barron, Inc. on

Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one...more

Allen Barron, Inc.

IRS Tax Filing is to Begin January 29, 2024

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The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns. Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024. The IRS will accept your tax return after...more

Bodman

A Year-End Reminder: Potentially Overlooked Reporting Requirements

Bodman on

For many organizations and individuals, the end of the calendar year generates significant reporting obligations, particularly with respect to the Internal Revenue Service. The following requirements may not be obvious, but...more

Allen Barron, Inc.

It’s Time to Start Making Estimated Tax Payments Again California

Allen Barron, Inc. on

The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to...more

McDermott Will & Emery

Weekly IRS Roundup November 13 – November 17, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 13, 2023 – November 17, 2023. ...more

McDermott Will & Emery

Weekly IRS Roundup November 6 – November 10, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 6, 2023 – November 10, 2023...more

Allen Barron, Inc.

Domestic Tax Planning - Podcast with Janathan Allen

Allen Barron, Inc. on

In this podcast about Domestic Tax Planning, Janathan Allen discusses the importance of the process of domestic tax planning. Many people don’t think to consider tax planning by assuming, “I’m a W2 employee, how can domestic...more

Gray Reed

The IRS is Hiring an Army to Audit Corporations, Partnerships, and High-Income Individuals

Gray Reed on

The IRS has been understaffed for many years, and this has led to a decline in the number of audits conducted.  The personnel shortage has also made it difficult to keep up with the growing complexity of the tax code and to...more

Poyner Spruill LLP

Four Tips to Reduce the Risk of a Tax Audit

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For many business owners, tax season can be stressful. These four tips can help you lessen the chances of triggering a tax audit....more

Jones Day

IRS Updates Fast-Track Program for Certain Corporate Tax Rulings

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A new program offers rulings in 12 weeks, even absent a showing of business need. Revenue Procedure 2023-26, issued July 26, 2023, in replacement of a popular 18-month pilot program under Revenue Procedure 2022-10,...more

Bowditch & Dewey

Tax Credit for Electric Vehicles Purchased in 2023 and Later – Does Your New Vehicle Qualify?

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Despite the predictions and media attention, electric vehicles (EV) accounted for only 5.7% of all automobiles purchased in the United States in 2022. Globally, EV sales rose to 14% in 2022....more

Polsinelli

Beware, the IRS is Coming: More IRS Audits to Focus on High-Net Worth Individuals and Passthrough Entities

Polsinelli on

After much anticipation, the IRS has finally announced a strategic operating plan to spend the nearly $80 billion in funds that it was allocated through the Inflation Reduction Act. Since this bill was signed, the new IRS...more

Bilzin Sumberg

Fighting a Three Headed Dog and Tax Classifications of Foreign Trusts

Bilzin Sumberg on

The Continuing Saga of U.S. Tax Classification of Foreign Trusts and Related Penalty Issues - In Greek mythology, Cerberus, a three-headed dog, was known as the guardian of the underworld. In more recent literature, a...more

Bowditch & Dewey

Is My State Tax Rebate Taxable?

Bowditch & Dewey on

Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more

Farella Braun + Martel LLP

Federal and California Taxpayer Relief: Reprieve From Wet Winter Weather

2023 started California off with weather that escapes recent memory. Rain, snow, and surf seemed unrelenting for the first two weeks of January. While this spell of winter storms has brought snow to our slopes and refilled...more

Foodman CPAs & Advisors

Filing 2022 Taxes: Best To Get Ready Now

Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more

McDermott Will & Emery

Weekly IRS Roundup January 3 – January 6, 2023

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 3, 2023 – January 6, 2023...more

McDermott Will & Emery

Weekly IRS Roundup December 12 – December 16, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022...more

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