IRS
How to Get the Most Tax Benefits from a Roth IRA
Under the “ordering rules” established under IRS regulations, most of the payout of a nonqualified Roth distribution may be tax-free anyway—maybe even all of it.
Gift Tax Exclusion Increases for 2024: How to Get the Most Benefit
The annual gift tax exclusion allows you to gift up to a specified amount to each recipient each year without any gift tax liability.
IRS Launches Anti-Fraud Program to Help Businesses that Filed ‘Questionable’ ERC Claims
Businesses interested in taking advantage of the voluntary disclosure program have until March 22, 2024, to apply.
IRS Extends Tax Filing Deadlines in Some Areas of Tennessee
The IRS has announced several Tennessee tax deadline extensions in four counties after severe storms and tornadoes.
IRS Issues Guidance on Tax Credit for Clean Hydrogen Production
The Inflation Reduction Act (IRA) of 2022 provides a production credit for each kilogram of qualified clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility.
IRS Waiving $1 Billion in Back Tax Penalties for More Than 4.7 Million Taxpayers
Just in time for the holidays, the IRS announced a move to help individuals, businesses, and tax-exempt groups that owe back taxes.
IRS: Collection Notices Are Coming Back in 2024
The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic.
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.