Recent Articles
Most of the $80 billion increase in IRS funding is being repealed by Congress.
The bill was a top priority for most Republican Congressional candidates in 2022, but in order to become law, it must first pass in the House… On Monday, the first full day of the newly sworn-in 118th House of Representatives,...
Among the many bills the House majority wants to pass is one that would end IRS funding.
The first GOP bill seeks to undo the Inflation Reduction Act’s increased funding for the IRS. Before the U.S. House descended into the dysfunction of multiple elections to choose a leader, Louisiana Republican Rep. Steve Scalise unveiled a package of...
IRS and Treasury Issue New Accounting Methods Guidance for Specified R&E Expenditures.
The Tax Cuts and Jobs Act’s amendments are described in detail in Revenue Procedure 2023-11. On December 29, the Treasury Department and IRS released Revenue Procedure 2023-11, an update to the rules for changing the accounting method for specific research...
IRS and Treasury Issue Transitional Instructions for Broker Reporting of Digital Assets
The Infrastructure Investment and Jobs Act expanded the tax code’s reporting requirements for brokers when it came to digital assets. According to a Dec. 23 announcement from the IRS and the Treasury Department, brokers are not required to report any...
Treasury and the IRS have released interim guidance for the new corporate AMT.
The Inflation Reduction Act, which was passed last summer, established the corporate alternative minimum tax. On December 27, the IRS and the Treasury Department released Notice 2023-07 https://www.irs.gov/pub/irs-drop/n-23-07.pdf, which offers temporary guidance regarding the implementation of the new corporate alternative...
The Internal Revenue Service and the Treasury Department have issued guidance on the corporate stock repurchase excise tax.
The Inflation Reduction Act’s tax provision is addressed in interim guidance set forth in Notice 2023-2. The IRS and Treasury Department additionally issued Notice 2023-2, which offers temporary guidance regarding the application of the corporate stock repurchase excise tax until...