Recent Articles
Real Estate Professionals Face Difficult Tax Law Exam
Investors can typically deduct only as much of their passive income for the year from investments like real estate in which they have no material involvement. When so-called “real estate professionals” claim significant deductions for rental real estate losses, the...
IRS fixed 14 million tax returns, with a $1,232 average refund.
A large portion of the 12 million refunds result from a change in how unemployment insurance taxes were calculated. According to the tax authority, the Internal Revenue Service recently finished fixing errors on about 14 million tax returns for 2021,...
Most of the $80 billion increase in IRS funding is being repealed by Congress.
The bill was a top priority for most Republican Congressional candidates in 2022, but in order to become law, it must first pass in the House… On Monday, the first full day of the newly sworn-in 118th House of Representatives,...
Among the many bills the House majority wants to pass is one that would end IRS funding.
The first GOP bill seeks to undo the Inflation Reduction Act’s increased funding for the IRS. Before the U.S. House descended into the dysfunction of multiple elections to choose a leader, Louisiana Republican Rep. Steve Scalise unveiled a package of...
IRS and Treasury Issue New Accounting Methods Guidance for Specified R&E Expenditures.
The Tax Cuts and Jobs Act’s amendments are described in detail in Revenue Procedure 2023-11. On December 29, the Treasury Department and IRS released Revenue Procedure 2023-11, an update to the rules for changing the accounting method for specific research...
IRS and Treasury Issue Transitional Instructions for Broker Reporting of Digital Assets
The Infrastructure Investment and Jobs Act expanded the tax code’s reporting requirements for brokers when it came to digital assets. According to a Dec. 23 announcement from the IRS and the Treasury Department, brokers are not required to report any...