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Individual Income Tax

IRS announces tax relief for taxpayers in Iowa affected by storms, tornadoes, and flooding

The IRS has announced tax relief for taxpayers affected by the severe storms in Iowa.

IRS issues new FAQ for qualified intermediaries (QIs)

IRS issued new FAQ for Qualified Intermediaries (QI) regarding tax treaties and withholding tax.

Notice 2024-46: Treatment of certain relief payments made to individuals affected by East Palestine, Ohio train derailment

The IRS has announced relief payments for individuals affected by the Ohio train derailment.

Corporate Income Tax

Eleventh Circuit: IRS violated APA notice and comment procedures in issuing Notice 2017-10

The Eleventh Circuit ruled that the IRS violated the APA notice and comment procedures in Notice 2017-10.

Corporate Income Tax

KPMG report: IRS removal of automatic accounting methods

The IRS has proposed to remove the automatic accounting method change procedures for certain taxpayers, which could have significant impacts on tax planning and compliance.

Corporate Income Tax

KPMG reports: Illinois (tax changes in budget bill); Tennessee (guidance on sales and use tax sourcing rules); Washington State (amended apportionment rule)

KPMG reports on the latest twist in US tax laws, including changes to tax rates, interest deductions, loss utilization, and more.

Corporate Income Tax

Final regulations: Disallowance of deductions for certain conservation easement contributions by partnerships, S corporations

Final regulations have been issued by the IRS disallowing deductions for certain conservation easement contributions made by partnerships and S corporations.

Final Regulations

Third quarter update to IRS 2023-2024 Priority Guidance Plan

The article provides an update on the IRS's 2023-2024 Priority Guidance Plan, which outlines the agency's focus areas for the next two years.

IRS provides tax relief for taxpayers affected by storms and tornadoes in Florida

Florida has passed a tax relief bill to help those affected by storms and tornadoes, providing tax breaks and extensions for filing and payment deadlines.

National Taxpayer Advocate mid-year report to Congress

The National Taxpayer Advocate has released a mid-year report to Congress discussing various tax developments and opportunities in the United States.

Public consultations

IRS provides tax relief for taxpayers affected by storms, tornadoes, and flooding in Oklahoma

The IRS has announced tax relief for individuals and businesses affected by storms in Oklahoma.

KPMG report: Treasury and IRS guidance on partnership “basis shifting” transactions

This article discusses the shifting landscape of partnership transactions and provides guidance for tax professionals.

KPMG report: State, local tax changes (second quarter 2024, table format)

This article discusses the changes in state and local tax (SALT) laws in the United States, including corporate and individual income tax, transfer pricing, withholding tax, tax treaties, and others.

IRS provides tax relief for taxpayers affected by storms, flooding, winds, and tornadoes in Iowa

The IRS has provided tax relief for taxpayers affected by storms, flooding, winds, and tornadoes in Iowa.

Southern Mississippi

IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Mississippi

The IRS has provided tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Southern Mississippi.

U.S. Supreme Court: Chevron overruled

The US Supreme Court has overruled the Chevron doctrine, which gave deference to federal agencies' interpretations of ambiguous statutes, potentially impacting tax regulations and guidance issued by the IRS and Treasury Department.

Final regulations: Information reporting, determination of amount realized and basis, and backup withholding for digital asset transactions

Final regulations have been issued by the US Treasury Department and the IRS regarding information reporting, determination of amount realized and basis, and backup withholding for digital asset transactions.

Sales and Use Tax

South Carolina: Durable medical equipment sales and use tax exemption prospectively invalidated (Supreme Court decision)

The Supreme Court decision prospectively invalidates the South Carolina durable medical equipment sales and use tax exemption.

Corporate Income Tax

Final regulations: Guidance on reporting and payment of new 1% excise tax on repurchases of corporate stock

Final regulations and guidance on reporting and payment of new 1 percent excise tax on repurchases of corporate stock in the United States.

Corporate Income Tax

Notice 2024-49: Registration requirements for section 45Z clean transportation fuel production credit

The article discusses the registration requirements for the Clean Transportation Fuel Production Credit, which is a tax credit available to producers of certain clean transportation fuels in the United States.

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