Congress 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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IRS and Treasury To Delay Foreign Currency Tax Rules
The IRS recently released Notice 2022-34, stating that they plan to defer the effective date of final regulations relating to foreign currency used by multinational companies' business units abroad for one year.
View MoreIRS Interest Rates Increase for the Fourth Quarter of 2022
The IRS recently announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.
View MoreIRS Releases Guide for Tax Pros’ Information Security Plan
The IRS and its Security Summit partners recently released a sample security plan and guide designed to help tax professionals, especially those with smaller practices, protect their data and information.
View MoreIRS Reminds Educators Maximum Educator Expense Deduction Is $300 in 2022
As the new school year begins, the IRS is reminding teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.
View MoreIRS Releases Draft Version of Tax Year 2022 Form 1040
The IRS has released a draft version of Form 1040 for the tax year 2022, along with drafts of related forms and schedules.
View MoreSenate Passes Inflation Reduction Act
The U.S. Senate recently passed the $437 billion Inflation Reduction Act, a bill focusing on President Joe Biden’s domestic agenda items of tax, climate and health care.
View MoreIRS and Treasury Issue Final Regulations on Partnership Basis Elections
The IRS and the U.S. Treasury Department recently issued final regulations (T.D. 9963) stating that partnerships electing to adjust the basis of partnership property under Sec. 754 do not have to include a signature on their election statement.
View MoreTIGTA Report Addresses IRS Business Fraud Detection Efforts
The Treasury Inspector General for Tax Administration has recently released a report evaluating the IRS’ business identity theft and tax fraud detection efforts.
View MoreIRS Offers Kentucky Storm, Flooding Victims Tax Relief and Extends Deadlines
The IRS recently announced that storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments.
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