IRS

Here are the five time-sensitive actions that a partnership or its representative should take within 30 days of receiving the notice of selection for examination.

Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.

The F-150 Lightning is one of 10 electric vehicles to qualify for the full $7,500 in tax breaks. But only the most stripped-down models.

Thanks to last year’s Inflation Reduction Act, the IRS got a funding boost that enabled it to improve taxpayer service.

The bill would expand eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized post-secondary credentials.

TD 9032 describes the procedures and requirements for making an election to have certain revocable trusts treated and taxed as part of an estate.

Interacting with the agency should be less painful over the next decade as the IRS’s $80 billion spending plan is implemented.