Taxes

The IRS has announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means

IRS Criminal Investigation officials have identified the individual killed Aug. 17 in a training incident at the Federal Correctional Institution, Phoenix, firing range. The deceased is Special Agent Patrick Bauer, 47, a long-time resident of Arizona. Bauer is survived by his wife and four children. In addition to being a special agent, Bauer was a

The Basics of ERC A recurring concept in the media is the Employee Retention Credit. The ERC is a refundable payroll tax credit that can be as high as $5,000 per employee in 2020, and even as high as $21,000 per employee in 2021. Employers qualify as an eligible employer under three circumstances: (i) Recovery

On August 16, 2022, President Biden signed the Inflation Reduction Act, which affects tax, energy, and healthcare laws. Its tax measures primarily include: a corporate alternative minimum tax; an excise tax on corporate stock repurchases; increased funding for the IRS; extensions of Affordable Care Act credits; and green energy credits. Corporate AMT The IRA imposes

Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures and why it could be a problem. This transcript has been edited for length and clarity. Robert Goulder: Hello, I’m Bob Goulder, a contributing editor with Tax Notes.