Under the Inflation Reduction Act, the IRS and Treasury provide advice to insurance companies on the alternative minimum tax
Until proposed regulations are released, the Treasury Department and the Internal Revenue Service have published Notice 2023-20PDF, which offers insurance firms and a few other taxpayers temporary guidance on the new corporate alternative minimum tax (CAMT). The CAMT, which levies a 15% minimum tax on the adjusted financial statement income of major firms for taxable […]
More papers can now be uploaded by taxpayers to the IRS, and a new online option for 9 notifications may speed up problem resolution
The Federal Revenue Service said today that taxpayers now have the choice to submit their paperwork online through IRS.gov if they receive certain notices requesting that they send the IRS documents. By using this new, safe step instead of mailing in documents, taxpayers and their tax advisor can save time and effort when addressing tax […]
IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit
After the Inflation Reduction Act was passed, the Department of the Treasury and the Internal Revenue Service today issued instructions on how to set up a programme to distribute credits for qualified investments in qualified advanced energy projects. Notice 2023-18 The section 48C(e) programme is established by PDF to provide $10 billion in credits, of […]
Treasury and IRS provide guidance on energy projects for low-income communities
In accordance with the Inflation Reduction Act, the Department of the Treasury and the Internal Revenue Service today released guidelines for establishing a programme to deliver solar and wind electricity to certain low-income regions. Notice 2023-17 The Low-Income Communities Bonus Credit Program is established in PDF, which also offers preliminary advice to prospective applicants for […]
IRS announces new pilot phase for Compliance Assurance Process program
Today, modifications to the Compliance Assurance Process (CAP) program’s Bridge phase were made public by the Federal Revenue Service. For big company taxpayers, the CAP is a cooperative pre-filing scheme. The CAP program was launched in 2005 as a mechanism for the IRS and taxpayers to communicate openly, amicably, and transparently in order to settle tax […]
With a new IRS tool, taxpayers can choose direct deposit when electronically filing updated returns to speed up refunds
The Federal Revenue Service stated today that for the first time, consumers who electronically file their Form 1040-X, Amended U.S. Individual Income Tax Return, would be able to choose direct deposit for any resultant refund. This is the latest advance for taxpayers. The amended return procedure took longer in the past because taxpayers who submitted […]
Interest rates remain the same for the second quarter of 2023
Interest rates will stay the same for the calendar quarter beginning April 1, 2023, the Internal Revenue Service stated Thursday. The rate for overpayments and underpayments for individuals will be 7% annually, compounded daily. The whole list of the new prices is provided below: 7% for overpayments (payments made in excess of the amount owed), […]
The IRS has launched a free online portal for filing tax returns; the new electronic option might minimise the millions of paper Forms 1099 that firms are expected to produce in 2023
Businesses may now submit Form 1099 series information reports using a new, free online gateway, according to the Internal Revenue Service. This free electronic filing service, known as the Information Returns Intake System (IRIS), is accurate, secure, and doesn’t need any additional software. IRIS is accessible to all businesses regardless of size, but it may […]
IRS reminds employers of January 31 deadline for Form W-2, other wage statements
Today, the Internal Revenue Service notified employers and other companies that the deadline for submitting Form W-2 and other salary statements for Tax Year 2022 is January 31, 2023. Forms W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, must be submitted by employers to the Social Security Administration by […]
12 million refunds are released when the IRS completes automated repairs of tax year 2020 accounts due to the exclusion of unemployment benefits.
For individuals who overpaid taxes on unemployment benefits they received in 2020, the Internal Revenue Service recently finished the final adjustments to their tax year 2020 accounts. The American Rescue Plan Act of 2021, which was signed into law in March 2021, exempted up to $10,200 in 2020 unemployment benefits (or up to $10,200 for […]
