IRS Issues Guidance to Combat Partnership Basis-Shifting Transactions
(authored by RSM US LLP) The IRS has announced an effort to combat related party basis shifting transactions that lack economic substance....
21 June, 2024
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IRS Announces New Phase of ERC Processing
(authored by RSM US LLP) The IRS is entering a new stage of Employee Retention Credit claim processing. The September 2023 moratorium continues, and claims filed before then are being...
21 June, 2024
IRS Proposes Major Changes for Donor-Advised Funds
The proposed IRS regulations on Donor-Advised Funds introduce potential shifts in how these funds are managed. With possible retroactive effects and new compliance hurdles on the horizon, the time to...
06 June, 2024
IRS Grants Relief for Texas Taxpayers Impacted by Storms, Wind, and Flooding
(authored by RSM US LLP) IRS Grants disaster relief to Texas taxpayers located in certain counties. Affected taxpayers have until Nov. 1, 2024, to file returns and make payments....
29 May, 2024
Did You Notice a Decrease in Your 2023 Tax Refund?
Many of our tax accountants have observed that clients are experiencing smaller refunds for 2023, with 2024 withholding amounts also showing a reduction compared to last year. The IRS has...
30 April, 2024
Understanding the Form 8300 E-filing Requirements for Cash Transactions over $10,000
Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash transactions over $10,000. Learn who must file, the e-filing requirements, and how to apply...
27 March, 2024
IRS Announces New Initiative Aimed at High-Income Non-Filers
(authored by RSM US LLP) IRS announces initiative aimed at high-income earners who have not filed tax returns. IRS estimates 125,000 instances of non-filing....
07 March, 2024
Rollout of the IRS’s $1 Billion Penalty Relief Program
The IRS is offering a penalty relief program to taxpayers affected by its operational difficulties during the pandemic. Find out if you qualify for this program that is expected to...
04 March, 2024