IRS

The Treasury and the IRS issued laid out possible regs to update the investment tax credit rules to encompass various forms of renewable energy.

The regulations address new subsections of the law from the SECURE 2.0 Act.

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

Two tax experts share the key strategies for financial planners and tax professionals to discuss with clients in the fourth quarter.

Commissioner Danny Werfel and Taxpayer Advocate Erin Collins discussed the enhancements the IRS has been making thanks to the additional billions of dollars of funding.

Planners and their clients can use the annual cost-of-living adjustments as a helpful reminder to consider tweaks to retirement savings and strategies, experts said.

Proposed regulations from the IRS are generally effective beginning in 2024.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

The Treasury secretary addressed a group of service employees as the agency fends off cuts pushed by House Republicans.

From politics to practice management and a variety of planning strategies, the law is posing questions for financial advisors, tax professionals and their clients.

Starting next year, clients buying or selling certain qualifying vehicles can immediately slash $7,500 off the cost of a new automobile or $4,000 off a used one.

From practice management to complex strategies, the fourth quarter presents major opportunities for clients to find savings and prepare for the next 12 months.

Taxpayers will now have through Jan. 10, 2025, to fix a refund claim.

The service issued its annual adjustments for retirement plans, with some reflecting changes in the SECURE 2.0 Act.

The agency recommends that financial advisors, tax professionals and their clients start by using a tool on its website and offers a few other helpful words of advice.

With the agency receiving tens of billions of dollars from the Inflation Reduction Act, a new watchdog report identified several areas for improvement.

Beneficiaries and retirement account owners born in 1951 in particular may be in luck.

The late actor's estate fell short in a five-year quest involving the distribution of a hedge fund position when his financial advisor left UBS for Merrill Lynch.

Inflated charitable deduction claims have led to dozens of audits and millions of dollars in additional payments to the agency.

The new guidance from the agency lays out the complicated rules for qualifying for up to $5,000 in subsidies per residence under the Inflation Reduction Act.