IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]Read More
The IRS issued information that taxpayers will be required to include for a research credit claim for refund to be considered valid. The current Treasury regulations require a refund claim to forth sufficient facts to apprise IRS of the basis of the claim. Chief Counsel Memorandum 20214101F will be used to improve tax administration with clearer instructions for eligible taxpayers to claim the credit while reducing the number of disputes over such claims. Taxpayers would be needed to identify all the business components to which the Code Sec. 41 research credit claim relates for that year.
For each business component:
Finally, taxpayers would need to provide the total qualified employee wage, supply and contract research expenses for the claim year. This could be done using Form 6765, Credit for Increasing Research Activities.
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]Read More
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]Read More
The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]Read More
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]Read More
The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]Read More
The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]Read More
The IRS has issued directions for its taxpayer facing employees to hold video meetings with taxpayers and their representatives. Going […]Read More