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Taxation

  • Congress Members Ask IRS for Update on Investigations into Abuse of Puerto Rico Tax Law

    By:
    S.J. Steinhardt
    |
    Nov 20, 2023
    In a Nov, 17 letter, a group of U.S. lawmakers has asked the IRS to provide updated and detailed information about its investigation of individuals who may be taking illegal advantage of a law that offered tax-related benefits for investing in Puerto Rico.
  • IRS Interest Rates Unchanged for First Quarter 2024

    By:
    S.J. Steinhardt
    |
    Nov 20, 2023
    The IRS will keep interest rates the same for the calendar quarter beginning Jan. 1, 2024.
  • Federal Estate Tax Exemption to Increase in 2024, But It Is Still Set to Fall Back to $5M in 2026

    By:
    S.J. Steinhardt
    |
    Nov 17, 2023
    The IRS is raising the federal estate tax exemption amount to $13.61million for 2024, one of the inflation adjustments for more than 60 tax provisions announced on Nov. 9.  But the base estate exemption amount is still set to drop to $5 million (adjusted for inflation) in 2026, when several provisions of the 2017 Tax Cuts and Jobs Act sunset.
  • GAO: IRS Expected to Receive 30 Million More 1099-Ks in 2024

    By:
    S.J. Steinhardt
    |
    Nov 17, 2023
    The IRS expects to receive roughly 44 million Form 1099-Ks in 2024—about 30 million more than in 2023—but does not have a plan to analyze the data "to inform enforcement and outreach priorities", the U.S. Government Accountability Office (GAO) found. The forms are used to report income from payment card and third-party settlement organizations—intermediaries between buyers and sellers of goods or services (e.g., Uber, Venmo, and eBay).
  • TIGTA: IRS was 'Reasonable' in Destroying Some Unprocessed Paper Returns

    By:
    S.J. Steinhardt
    |
    Nov 14, 2023
    The IRS's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic was deemed to be reasonable by the Treasury Inspector General for Tax Administration (TIGTA) in a recently-issued audit.
  • IRS Guidance on R&D Deductions Boosts Yelp’s Third-Quarter Profits

    By:
    S.J. Steinhardt
    |
    Nov 13, 2023
    Yelp’s earnings grew sixfold in the third quarter of 2023, partially due to art the effect of a one-time tax adjustment related to deductions for research and development.
  • IRS Announces Inflation Adjustments for Tax Year 2024

    By:
    S.J. Steinhardt
    |
    Nov 10, 2023
    The IRS has provided the annual inflation adjustments for more than 60 tax provisions for tax year 2024, which will apply to taxes filed in 2025.