IRS Proposes Rules for Truncating Taxpayers Identification Numbers.The article focuses on the U.S. Internal Revenue Service's (IRS) proposal on truncating taxpayer identification numbers (TTINs).SchreiberSallyP.NeviusAlistairM.Tax Adviser
Carrie Brandon Elliot explains the treatment of 25-percent-owned domestic subsidiaries in determining passive foreign investment company status, along with antiabuse rules and proposed safe harbors.Show All Sign up for a free trial to access more content. A 7-day trial subscription is an easy way...
Standard Deduction: Thestandard deductionis a fixed dollar amount that reduces taxable income. For 2024, the standard deduction is $14,600 for single filers and married taxpayers filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly and surviving spouse...
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...
If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll h
New IRS rules could have been “disastrous” for crypto taxpayers during the bull market, a crypto tax executive said. 31129 Newsletter Blockchain Association sues IRS over digital asset reporting rules: Law Decoded Dec 30, 2024 byEzra Reguerra ...
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Get up to date on all tax news from the IRS. The IRS is constantly updating us with law changes and new rules. Sometimes, it’s too much to keep up with. We’ll decipher the confusing lingo while you focus on staying current on what’s really important....
The expected uptick in reporting volume was partly responsible for the decision to postpone the new "$600 rule." There wereconcernsthat many taxpayers would unexpectedly receive 1099-K forms and would need additional time to familiarize themselves with the rules. Plus, taxpayers needed more time to...
The IRS is rolling out special payments in January 2025 to about1 million taxpayerswho didn’t claim the2021 Recovery Rebate Credit(think of it as a “catch-up” payment). This credit was part of the third round of stimulus checks (see below), so if you missed out, y...