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Members of Congress Propose Windfall Tax on Excess Profits
Taxation
Citing “record-breaking profits and record-breaking corporate profits and unprecedented corporate greed,” Sen. Bernie…
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IRS Drafts Revised Research Credit Form
Taxation
The IRS has released a draft version of a revised Form 6765, Credit for Increasing Research Activities, days after the…
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IRS to Start Processing Lower-Risk Employee Retention Credit Claims, While Denying Tens of Thousands of Improper Claims
Taxation
The IRS will start to process lower-risk Employee Retention Credit (ERC) claims to help eligible taxpayers, while denying…
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Supreme Court Upholds Trump-Era Offshore Earnings Tax
Taxation
The U.S. Supreme Court upheld a one-time tax on offshore earnings that helped fund the tax cuts enacted under the 2017 Tax…
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Analysis: Trump's Proposed Tip Tax Exemption Estimated to Cost up to $250 Billion Over 10 Years
Taxation
Donald Trump's new proposal to exempt tips from taxation would blow up the federal deficit even further, a nonpartisan…
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Employee Retention Credit Claimants Can Sue IRS Over Unprocessed Claims
Taxation
Businesses with legitimate Employee Retention Credit (ERC) claimants that have yet to receive their money can take legal…
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IRS to Crack Down on Basis Shifting Transactions, Aiming to Recoup Billions
Taxation
The IRS announced that, along with the U.S. Department of the Treasury, it will enact rules to close a loophole that…
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TIGTA: IRS Lagging in Tax Adjustment Documentation Processing
Taxation
The IRS has a “significant” backlog of unprocessed tax adjustments documentation, and lacks a strategy for dealing with…
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Taxpayer Advocate: Identity Theft Victims Waiting Longer for Overdue Tax Refunds
Taxation
Victims of identity theft have had to wait longer for tax refunds as the IRS has shifted priorities, Accounting Today…
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