Transitional Guidance on Broker Digital Asset Reporting Provided, Announcement 2023-2
The Treasury Department and IRS have announced that brokers are not required to report additional information with respect to dispositions […]
Read MoreThe IRS has updated automatic consent procedures for taxpayers to change their method of accounting to comply with final regulations under Code Secs. 263A, 448, 460 and 471 issued on January 5, 2021 (T.D. 9942). This guidance modifies Rev. Proc. 2019-43, 2019-48 I.R.B. 1107, as modified by Rev. Proc. 2021-34, 2021-35 I.R.B. 337 and Rev. Proc. 2018-40, 2018-34 I.R.B. 320, to remove the option of netting the remaining portion of a Code Sec. 481(a) adjustment that resulted from a prior method change. Further, procedures for taxpayers to revoke an election made under proposed Reg. §1.448-2(b)(2)(i)(B) for tax years beginning on or after January 5, 2021, or in the case of taxpayer that early applies the final regulations, for tax years in which the final regulations are applicable, have also been provided.
The Treasury Department and IRS have announced that brokers are not required to report additional information with respect to dispositions […]
Read MoreThe IRS recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation received in 2020. […]
Read MoreThe Florida Department of Revenue has issued additional guidance regarding property tax relief for residential properties rendered uninhabitable for 30 […]
Read MoreThe IRS has released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. The […]
Read MoreThe Internal Revenue Service and the U.S. Department of Labor announced they have renewed a memorandum of understanding (MOU) under […]
Read MoreThe passage of the Inflation Reduction Act in 2022 has triggered changes to many tax forms, tax form instructions, and […]
Read MoreThe IRS reminded taxpayers who earn wages to use the Tax Withholding Estimator tool to adjust their 2023 withholding. Checking now and […]
Read MoreThe IRS released the optional standard mileage rates for 2023. Most taxpayers may use these rates to compute deductible costs […]
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