IRS Updates
Stay on top of the most recent information from the IRS that can impact your clients.
IRS: Improperly Forgiven PPP Loans Are Taxable
By Melanie WaddellPPP loans forgiven based upon misrepresentations or omissions can't be deducted from income, the IRS said.
September 02, 2022
IRS Posts LTCI Issuer Rehabilitation Letter RulingThe transaction should not affect the policyholders' federal income taxes, according to an IRS senior counsel.
August 26, 2022
Debate: When Is Workplace Health Insurance 'Unaffordable'?Two professors discuss the likely effects of reducing the income threshold for an Affordable Care Act tax credit.
August 25, 2022
The New Electric Vehicle Tax Credit: Mind the DetailsThis Inflation Reduction Act tax break comes with income limitations, and not every electric vehicle will qualify.
August 24, 2022
IRS Will Wipe Away $1.2B in Late Fees From PandemicThe tax agency will automatically issue the refunds or credits for most of the fees to 1.6 million taxpayers by Sept. 30.
August 24, 2022
Offshore Tax Loophole Helps Americans Cheat IRS, Senate SaysLawmakers investigated after billionaire Robert Brockman was accused of hiding $2 billion in offshore trusts and corporations.
August 23, 2022
Debate: How Should the IRS Treat Excess Business Losses?Two professors discuss stretching the limits on these losses for two more years through the Inflation Reduction Act.
August 22, 2022
Want a Better IRS? Simplify the Tax CodeThe Inflation Reduction Act expands its funding by $80 billion over ten years, but that move raises some serious questions.