News & Analysis as of October 31, 2024

Internal Revenue Code (IRC)

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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 -

Weekly IRS Roundup October 7 – October 11, 2024

McDermott Will & Emery on 10/25/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 7, 2024 – October 11, 2024. ...more

Weekly IRS Roundup September 30 – October 4, 2024

McDermott Will & Emery on 10/15/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 30, 2024 – October 4, 2024....more

Weekly IRS Roundup August 26 – August 30, 2024

McDermott Will & Emery on 9/6/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 26, 2024 – August 30, 2024. ...more

Weekly IRS Roundup August 19 – August 23, 2024

McDermott Will & Emery on 9/4/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 19, 2024 – August 23, 2024. August 19, 2024: The IRS released Internal Revenue Bulletin...more

Weekly IRS Roundup July 1 – July 5, 2024

McDermott Will & Emery on 7/12/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 1, 2024 – July 5, 2024....more

Weekly IRS Roundup June 17 – June 21, 2024

McDermott Will & Emery on 6/28/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 17, 2024 – June 21, 2024. ...more

IRS Continues Focus On Large Partnerships: 3 Items To Watch Out For

Gray Reed on 6/27/2024

In recent years, the IRS has focused its attention and resources on large partnerships. In 2021, the agency launched an initial phase of its Large Partnership Compliance (LPC) program. Under this program, the IRS identified...more

Weekly IRS Roundup June 10 – June 14, 2024

McDermott Will & Emery on 6/26/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 10, 2024 – June 14, 2024....more

Weekly IRS Roundup May 27 – May 31, 2024

McDermott Will & Emery on 6/7/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 27, 2024 – May 31, 2024. ...more

Weekly IRS Roundup May 20 – May 24, 2024

McDermott Will & Emery on 6/3/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 20, 2024 – May 24, 2024. ...more

Weekly IRS Roundup May 6 – May 10, 2024

McDermott Will & Emery on 5/17/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 6, 2024 – May 10, 2024. ...more

Government updates procedures to change R&D, income recognition, and inventory methods in new Rev. Proc. 2024-23

Eversheds Sutherland (US) LLP on 5/13/2024

On April 30, 2024, the Internal Revenue Service (IRS) released Rev. Proc. 2024-23, List of Automatic Changes, which provides the list of tax accounting method changes a taxpayer may file under the IRS’s automatic procedures,...more

Treasury Department and IRS Issue Final Regulations Regarding the Transferability of Tax Credits Under Section 6418 of the...

Pillsbury Winthrop Shaw Pittman LLP on 5/6/2024

The final regulations adopt the provisions of the previously proposed regulations with modest modifications and clarifications. The registration portal for transferring tax credits is open, and no significant changes have...more

Weekly IRS Roundup April 22 – April 26, 2024

McDermott Will & Emery on 5/3/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 22, 2024 – April 26, 2024. ...more

Missing the Tax Court’s 90-Day Deficiency Deadline – Now What?

Rivkin Radler LLP on 4/24/2024

Over the years, I have observed there is only one thing that a taxpayer fears more than being notified by the IRS that their income tax return for a particular taxable year has been selected for audit, and that is being...more

Weekly IRS Roundup April 15 – April 19, 2024

McDermott Will & Emery on 4/23/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15, 2024 – April 19, 2024. ...more

IRS Cannot Offset Taxpayer’s Refund With A Disputed Tax Liability

Rivkin Radler LLP on 4/19/2024

Imagine the IRS notifies Taxpayer that they have an outstanding tax liability with respect to Tax Year, and that the agency intends to levy on Taxpayer’s property to collect the allegedly unpaid tax. Taxpayer challenges the...more

Weekly IRS Roundup April 8 – April 12, 2024

McDermott Will & Emery on 4/16/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...more

Weekly IRS Roundup April 1 – April 5, 2024

McDermott Will & Emery on 4/12/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 1, 2024 – April 5, 2024....more

An Inveterate Golfer At the IRS

Rivkin Radler LLP on 4/11/2024

As we approach the deadline for paying federal individual income taxes and, generally, for filing the returns on which such taxes are determined, some of you may be recalling how the Inflation Reduction Act of 2022...more

Weekly IRS Roundup March 25 – March 29, 2024

McDermott Will & Emery on 4/3/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 25, 2024 – March 29, 2024....more

Weekly IRS Roundup March 18 – March 22, 2024

McDermott Will & Emery on 3/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 18, 2024 – March 22, 2024. ...more

Weekly IRS Roundup March 11 – March 15, 2024

McDermott Will & Emery on 3/19/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 11, 2024 – March 15, 2024. ...more

Weekly IRS Roundup February 19 – February 23, 2024

McDermott Will & Emery on 2/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 19, 2024 – February 23, 2024. February 20, 2024: The IRS published Announcement 2024-12, which...more

Weekly IRS Roundup February 12 – February 16, 2024

McDermott Will & Emery on 2/22/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 12, 2024 – February 16, 2024. ...more

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