The IRS released Notice 2024-35 that once again provides transition relief from required minimum distributions (RMDs) and changed the applicability date of final RMD regulations. The notice states that the final regs that the IRS intends to issue regarding RMDs and related provisions will apply for determining RMDs for calendar
As the 2024 filing season draws to a close, many taxpayers may find themselves with a balance due that they cannot pay. When this happens, the IRS provides payment options. Among those include installment agreements and for those who qualify, an offer in compromise. The IRS is renewing its warning
The Treasury Department and the IRS issued Announcement 2024-19 that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Generally, taxpayers who receive rebates for the purchase of energy efficient homes will not include the value of those rebates as income
Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the IRS announced plans to begin dozens of audits on business aircraft involving personal use by executives, partners, shareholders, and others for tax purposes. According to the IRS, the level of personal
To submit time-of-sale reports and receive advance payments of the Clean Vehicle Tax Credit, auto dealers and sellers must register their business with IRS Energy Credits Online. Dealers and sellers must use this tool to submit all time-of-sale reports for vehicles placed in service in 2024 and future years. How to
A federal district court in Alabama recently ruled that requiring certain businesses to report beneficial ownership, as enacted under the Corporate Transparency Act (CTA), is unconstitutional. The judge granted summary judgment to the plaintiffs in the case of National Small Business United d/b/a the National Small Business Association, et al v.
