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The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content. [...]
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday. [...]
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant. [...]
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers. [...]
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.” [...]
Though the TCJA’s expiration poses a threat to the U.S. economy and people’s pocketbooks, it gives lawmakers an opportunity to rewrite the tax code. But if Congress is to build on the successes, and learn from the failures, of the TCJA, it must understand the reform’s effects. [...]
Two bills in Georgia will lower the flat individual income tax rate and align the corporate income tax rate with the individual income tax rate. [...]
The outcome of the digital tax debate will likely shape domestic and international taxation for decades to come. Designing these policies based on sound principles will be essential in ensuring they can withstand challenges arising in the rapidly changing economic and technological environment of the 21st century. [...]
States have generally tried to encourage capital investment. Throwback and throwout rules are an unfortunate example of penalizing it. [...]
The TCJA improved the U.S. tax code, but the meandering voyage of its passing and the compromises made to get it into law show the challenges of the legislative process. [...]
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