On April 28, 2023, the Internal Revenue Service (“IRS”) Office of Chief Counsel issued a Chief Counsel Advice (“CCA”) explaining the requirements for claim substantiation for health and dependent care flexible spending accounts (“FSAs”). Although the CCA only discusses FSAs, presumably, ...
When considering an IRA transfer, keep the following IRS rules in mind:2 All distributions may be transferred over, except therequired minimum distribution (RMD)and any distribution of excess contributions and related earnings. The transfer must be deposited in the new account within 60 days. Only...
Internal Revenue Service (IRS) will be rewriting the tax rules governing employer-provided cell phones. The IRS wants to simplify both the substantiation requirements for cell phone usage and the determination of the fair market value. A different approach has been taken by employers to the IRS'...
The IRS has anOffer in Compromise Pre-Qualifier toolon IRS.gov. Taxpayers can find out if they meet the basic qualifying requirements. The tool also provides an estimate of an acceptable offer amount. The IRS makes a final decision on whether to accept the offer based on the submitted applic...