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IRS Puts an End to Automatic Penalties Related to Foreign Gifts
Taxation
According to financial consulting firm RSM, on Oct. 24, while speaking at the UCLA Tax Controversy Conference, IRS…
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Agencies Are Not Requiring Tax-Exempt Groups to File a Corporate AMT Form for 2023
Taxation
The Treasury Department and the IRS on Oct. 23 granted tax-exempt organizations a filing exception. The agencies said these…
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IRS Announces Tax Inflation Adjustments for 2025
Taxation
The IRS announced on Oct. 22 the yearly inflation adjustments for tax year 2025. Revenue Procedure 2024-40 offers…
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Treasury, IRS Publish Sustainable Aviation Fuel Credit Guidance
Taxation
The Treasury Department and the IRS published Notice 2024-74 for the Sustainable Aviation Fuel (SAF) credit established…
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AICPA and NATP Express Disapproval Over Intuit's Ad Campaign
Taxation
The AICPA and National Association of Tax Professionals (NATP) recently expressed disapproval of Intuit's ad promoting its …
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IRS Warns About Hurricane-Related Charity Scams
Taxation
The IRS warned taxpayers on Oct. 15—after Hurricanes Milton and Helene—about scammers who use fake charities to obtain…
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Maximum Earnings Subject to Social Security Tax Set to Increase in 2025
Taxation
The maximum amount of earnings subject to Social Security tax for individuals is set to rise to $176,100 from $168,600 in…
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After Hurricane Milton Devastates Florida, IRS Offers Tax Relief to the Entire State
Taxation
In the aftermath of Hurricane Milton, the IRS announced on Oct. 11 tax relief for individuals and businesses in 51 counties…
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Auditors Scramble to Assess the Deluge of PCAOB Rule Changes
Taxation
Bloomberg Tax reported that US auditors are trying to assess a series of rule changes in the next couple of years that will…
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