Dec 30, 2024 byEzra Reguerra The IRS issued new regulations requiring DeFi platforms to report crypto transactions. In response, the Blockchain Association filed a lawsuit against the IRS, arguing that the rules are unconstitutional. 6427
Effective January 1, 2025, the proposed regulations aim to align digital asset tax reporting with traditional financial instruments.
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Follow IRS Rules: Adherence to IRS guidelines is crucial for accurate filing. State Tax Awareness: Be mindful of your state's tax deadlines and regulations. This comprehensive guide aims to demystify the 2025 tax season, helping taxpayers navigate important deadlines, adhere to IRS regulations, and...
plan, such as a 401(k) plan. The new rules build on previous IRS informal guidance while also providing additional clarification. The new forfeiture regulations are proposed to be effective for plan yearsbeginning on or after January 1, 2024, but plans may rely on these proposed rules ...
The proposed regulations, released on May 28 and on which taxpayers may currently rely pending finalization, build on prior guidance for carbon capture and sequestration tax credits under Section 45Q of the Internal Revenue Code. This guidance provides a
IRS Explains FSA Substantiation RulesLinkedIn Facebook X Send Embed 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...
Rules and regulations vary by location. They also change over time and are specific to your situation. Furthermore, this comment section is provided so people can share their thoughts and experience. Please consult a licensed professional if you have legal or tax questions. Serina November 12, ...
The Proposed Regulations, however, would apply the quid pro quo rules to state tax credit programs as follows: A charitable deduction only will be allowed to the extent a contribution to a charity exceeds the amount of state tax credit generated by the contribution. In the example above, the...
The Final Regulations also state that Treasury Regulations Section 1.860G-1(e) provides rules relating to the modification of the terms of an asset held by a REMIC (i.e., a qualified mortgage), but it is actually silent as to the effect of any such modifications. Presumably, if...