If you used Free File last year to complete your federal taxes, then the 2025 version, which opened today, is mostly déjà vu. The same eight tax software companies are participating. One of them will offer software for Spanish speakers. The main difference this year is that the Internal ...
Also, the IRS and Treasury Department are revising the draft Form 720 and working on instructions for the excise tax on corporate stock repurchases. Companies need to report the excise taxes annually, after the end of the taxable year, on Form 720. (See prior coverage.) IRS Issues PLR on ...
Initial Observations As described in detail in ourApril International Tax advisory, 2022 was difficult for APMA, with historically high demand, a reduction in resources, a drop in executed APAs, and leadership changes. It is likely that LB&I hopes the TTPO Memorandum will improve APMA’s ...
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Shortly after the Tax Court's opinion was issued, Deborah A. Butler, Associate Chief Counsel, issued an Office of Chief Counsel Notice on the subject of "Following Published Guidance Positions in Litigation?" That notice stated that it "has been a long-standing policy of the Office of Chief...
Phillips is out of the woods for now, but as the Tax Court states in its final footnote to his case, nothing in its opinion should be construed as limiting the IRS’s ability to issue Phillips a new notice of deficiency for 2014 that is properly mailed to his last known ...
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“I kind of forget that I even done it,” he chuckled. “What a lot of people don't know is what it was really all about. This was back when taxes were the very highest. When you were in the highest tax bracket, it was 50 percent. So, when I first came to Vegas in 1975, ...
The article reports that the Internal Revenue Service (IRS) ceased the acceptance of applications for opinion and advisory letters in the U.S. It notes that in Announcement 2007-61, the institution stops the acceptance of letters for preapproved defined benefits. It refused to accept applications ...
IRS warns sponsors of pre-approved master and prototype and volume submitter plans of the consequences facing them if they miss the submission deadline for updated opinion and advisory letters. IRS also supplements the streamlined correction procedures under the Employee Plans Compliance Resolution ...