New IRS Guidance for Reporting ERC Income Tax Effects
On March 21, 2025, the IRS updated its FAQs to provide new instructions for reporting employee retention credit (ERC) refunds for taxpayers who claimed the ERC for wages paid in 2020 or 2021 but have not yet amended their prior-year returns to reduce wage expenses....
Proposed Regulations Issued on the Commercial Clean Vehicle Credit
The Treasury Department issued proposed regulations on the §45W commercial clean vehicle credit. The §45W credit provides a tax credit of up to $40,000 for electric or hybrid vehicles of a character subject to the allowance for depreciation. The IRS provided useful...
IRS Announces Additional Identity Protection PIN Benefit
The IRS just announced another benefit of using an Identity Protection PIN (IP PIN). Beginning in the 2025 filing season, for tax year 2024 returns, the IRS will accept Forms 1040, 1040-NR, and 1040-SS even if a dependent has already been claimed on a previously filed...
IRS Announces Form 1099-K Reporting Thresholds
The IRS recently announced important changes to the reporting requirements for third-party settlement organizations (TPSOs) that handle payment card and third-party network transactions. PayPal and Venmo are examples of TPSOs. These changes, impacting Form 1099-K,...
IRS Extends Tax Deadlines for Hurricane Victims
The IRS has announced tax relief for individuals and businesses affected by recent hurricanes, including Hurricane Debby, Hurricane Helene, Hurricane Milton in Florida, and storms in Juneau, Alaska. While this relief offers a reprieve, navigating the complexities of...
Do You Pay Taxes on Settlements?
When resolving litigation, tax planning should always begin before settlement agreements are executed; otherwise, you risk losing money. With the help of an experienced tax professional, you can discover substantial opportunities to structure the litigation’s tax...