IRS Says Improperly Forgiven PPP Loans Are Taxable
The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan.
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IRS Updates Information on Work Opportunity Tax Credit
The IRS recently updated information on the Work Opportunity Tax Credit, available to employers that hire designated categories of workers who face significant barriers to employment.
View MoreAvoiding Unfavorable Results of the Favorable Tax Treatment of CARES Act Withdrawals: An Unexpected Problem
In 2020, the year COVID-19 first attacked the United States, the presidential administration made several attempts to lessen the financial burden on the people – offering stimulus payments, a series of student loan interest and payment pauses, and allowing individuals to make penalty-free early withdrawals from their retirement accounts, to name a few.
View MoreTreasury Secretary Outlines Plan for IRS Upgrades
At a recent visit to a new IRS facility, U.S. Treasury Secretary Janet Yellen spoke on the Biden administration's plans for improving IRS services.
View MoreIRS Expands Services for Visually Impaired Taxpayers
The IRS is making its forms, publications and correspondence more accessible to blind and visually disabled taxpayers.
View MoreIRS Mistakenly Posted Data on 120,000 Taxpayers Online
The IRS inadvertently posted confidential data for approximately 120,000 taxpayers on its website before discovering the error and removing the information.
View MoreIRS Announces Penalty Relief and Is Refunding $1.2 Billion in Penalties
To help taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, providing penalty relief to most people and businesses who file certain 2019 or 2020 returns late.
View MoreTennessee Department of Revenue Updates Various Tax Manuals
The Tennessee Department of Revenue recently made updates to several of its tax manuals.
View MoreIRS and Treasury Issue Initial Guidance on Clean Vehicle Tax Credit
The IRS and the U.S. Treasury Department recently released initial guidance concerning a new requirement to qualify for the Sec. 30D clean vehicle tax credit.
View MoreCongress Passes Inflation Reduction Act, Biden Signs Into Law
President Joe Biden recently signed the Inflation Reduction Act, H.R. 5376, after the U.S. House of Representatives approved the Senate's version of the bill late last week.
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