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The Internal Revenue Service announced today the full-scale launch of the innovative Direct File pilot and encouraged eligible taxpayers in 12 states to try the new service to file their tax returns online for free directly with the IRS.

The renewable energy finance landscape has undergone a transformative shift with the passage of the Inflation Reduction Act of 2022. Building on this legislation, IRS proposed guidance in June 2023 helped to establish the tax credit transfer market, thereby allowing corporate taxpayers to play a pivotal role in the clean energy revolution. In this article, we explore the historical context of Investment Tax Credits (ITC) and Production Tax Credits (PTC), traditional tax equity financing structures, and the new opportunity presented by tax credit transferability for small- and medium-sized corporations.

Over 125,000 high-income people who have not filed federal tax returns since 2017 will be mailed letters advising that they must file returns or explain why they don't need to file a return, the IRS said Thursday.

Based on comments from withholding agents about difficulties in transitioning to the electronic filing of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, the IRS said Tuesday that it is delaying the e-filing requirement.

The Internal Revenue Service reminds taxpayers that an electronically filed tax return will be rejected if the taxpayer is required to reconcile advance payments of the premium tax credit (APTC) on Form 8962, Premium Tax Credit (PTC), but does not complete the form in the software and submit it with their tax return.

CFOs need to incorporate tax analysis as part of their strategic decision-making or find themselves dealing with unexpected financial and operational outcomes.

The employee retention credit (ERC), as authorized under pandemic-era legislation to assist businesses with the costs of retaining employees, has been claimed by many employers for applicable quarters in 2020 and 2021. This article discusses the requirement to amend income tax returns in connection with an ERC claim and to review the professional responsibility to which all CPAs must adhere in amending these income tax returns.

IRS Commissioner Danny Werfel defended his agency's delay of the implementation of a lower threshold for reporting income on Forms 1099-K, telling a House committee on Thursday that his office has the responsibility to protect taxpayer rights.

The IRS alerted small businesses to seven warning signs that could indicate that their employee retention credit (ERC) claim is questionable and to help them resolve issues before a March deadline for a special disclosure program.

Internal Revenue Service Criminal Investigation (CI) announced Friday that Chief Jim Lee will retire from federal service, effective April 6.

The Internal Revenue Service today updated its frequently asked questions (FAQs)PDF for the Premium Tax Credit.

The IRS will hold webinars for tax professionals next week to help them avoid a scam email that tries to steal electronic filing identification numbers (EFINs) to gain access to client data and tax preparers' identities.

Remote workers who successfully sue New York to recoup 2020-23 taxes would receive discount on Connecticut tax bills

The IRS revised its frequently asked questions (FAQs) for Forms 1099-K, Payment Card and Third Party Network Transactions, replacing the existing FAQs with almost 50 new or updated ones.

A number of other states have followed the IRS' lead by issuing tax relief to taxpayers affected by recent storms.

The IRS could collect $561 billion in tax revenue over 10 years if it maintains its funding from the Inflation Reduction Act of 2022, P.L. 117-169, the Service said in a study released Tuesday.

The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

The IRS has added a question about income from digital assets to four forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns.

Shorter, clearer letters to reduce taxpayer confusion; about 170 million notices sent to individual taxpayers annually

New London county has received a FEMA disaster emergency declaration which allows for the postponement of certain due dates for specific tax filings and tax payments. It also allows for the deduction of casualty losses attributable to emergency declaration within the declared area.