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The IRS announced that withholding agents (both U.S. and foreign) will be administratively exempt from the requirement to electronically file Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, in 2024 for tax year 2023.
The Federal Trade Commission (FTC) has filed a complaint against tax preparation company H&R Block for deceptive practices that the agency claims “cost consumers time and money.”
The private placement life insurance (PPLI) industry is a $40 billion “tax dodge” for the ultra-wealthy, a report by the Democratic staff of the Senate Committee on Finance alleged.