New IRS guidance is available for a tax credit for eligible home contractors of up to $5,000 per home. Eligible contractors must construct or substantially reconstruct and rehab qualified new energy efficient homes. The...

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In recent months, the IRS has repeatedly indicated that it intends to focus audit activity on affluent taxpayers with more than $400,000 in annual income, large partnerships and big corporations. Taxpayers in these groups...

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Compliance that’s “holistic, smarter, broader and stronger” is the hoped-for result of the IRS Tax Exempt and Government Entities (TE/GE) unit’s plan for Fiscal Year (FY) 2024. In its recently released FY 2024 Program...

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Taxpayers that owe more taxes than they can currently pay can request a Collection Due Process (CDP) hearing, but cooperation with the IRS is key. One taxpayer timely filed a return but didn’t include...

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The IRS has just announced special per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24. The rate for incidental expenses when traveling in or outside the continental United States...

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Did you request a six-month extension to file your 2022 income tax return? The IRS is reminding those taxpayers who requested an extension that the Oct. 16 deadline to file their Forms 1040 is...

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It’s critical to get the details right when mailing items to the IRS. Most taxpayers know that a tax return and payment (or other documents) must be mailed by the due date, to the...

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Taxpayers who purchase assets for business use may be eligible to deduct the full cost in the year of purchase, subject to Section 179 limits. A taxpayer must prove the asset’s cost, where...

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The IRS is continuing to focus on high-income taxpayer compliance issues. To that end, it has announced plans to establish a new work group that focuses on large or complex pass-through entities, such as...

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Tax-exempt agencies enjoy favorable federal tax status, but they must guard it. Failure to comply with tax law and IRS regulations could result in loss of that status. Recently, in Letter Rulings 202338007-202338026, the...

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