Recent Articles
New Guidelines for the IRS’s Low-Income Communities Solar Tax Credit Program
Owners of specific solar and wind facilities installed in low-income communities that qualify for the section 48 energy investment credit must abide by the advice in this document. In accordance with the Inflation Reduction Act, the Department of the Treasury...
IRS Compliance Assurance Process Program Changes Coming
The CAP program was launched in 2005 as a way for the IRS and taxpayers to communicate openly, amicably, and transparently in order to resolve tax issues prior to the filing of a return. The Compliance Assurance Process (CAP) program’s...
The IRS Chief Counsel’s Office is looking to fill open tax attorney positions.
The IRS hires tax lawyers to improve the taxpayer experience and address non-compliance. Today, “Help Wanted” signs were put up by the IRS’s Office of Chief Counsel, looking for more tax lawyers to help improve the taxpayer experience and deal...
AICPA Submits Tax Proposals to Legislators
Employee benefits, individual income tax, international tax, and tax administration are among the 61 recommendations in the compendium. The American Institute of CPAs (AICPA) has sent its 2023 Compendium of Tax Legislative Proposals – Simplification and Technical Proposals to members...
Interest Rates for Q2 2023 Are Announced by the IRS
The rate of interest is decided on a quarterly basis in accordance with the Internal Revenue Code. The overpayment and underpayment rate for taxpayers who are not corporations is equal to the federal short-term rate plus 3 percentage points. The...
IRS – Direct deposit of refunds is now an option for taxpayers who electronically file amended returns.
For the first time, anyone e-filing Form 1040-X can select direct deposit and enter their banking information for a faster refund. The IRS announced on February 9 that anyone who electronically files an amended individual income tax return can now...