Revenue Code Section News Today

A federal audit of 124 U.S. taxpayers claiming biofuel tax credits revealed that as many as 42 of them ? or roughly one-third ? failed to submit the proper paperwork and should no...

The federal government has started to reclassify cannabis. When, and if, that reclassification is finalized, licensed cannabis businesses should see dramatically higher after-tax...

Nonprofit entities play an ever-growing role in our society, including assisting people in need to building communities, from protecting animals to aiding our environment, and attending...

It may cause trouble down the line If your client is audited.

Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax.

No system is perfect, but when deciding whether to file your tax return electronically or on paper, e-filing is definitely the more perfect solution.

What if your client wants to reclaim a gift to his alma mater because he does not like the ideological drift of the school?

Businesses who accept cryptocurrency as payment were relieved to hear that the IRS has delayed the requirement for reporting digital asset transactions that exceed $10...

Effective as of January 1, 2023, payors of qualified plan distributions have been required to use a redesigned IRS Form W-4P for payee withholding elections on periodic payments and a...

Filing Form 8300 is now required for businesses accepting digital assets as payment for transactions over $10,000.