Tax regulations

The IRS has recently unveiled proposed regulations that shine a light on the murky world of digital asset broker definitions, the intricacies of the new Form 1099-DA, and its implementation timeline.

The service has been working hard to implement the dozens of tax provisions contained in last year's Inflation Reduction Act, according to a new report.

The 2022 law created two new credit delivery mechanisms, allowing governments, nonprofits and other entities to take advantage of the credits.

Neither the IRS nor Congress has specifically addressed the tax deductibility of ransomware payments made to hackers, nor has FASB.

The Treasury Department is in the midst of writing rules for how it will distribute the measure's tax credits from hydrogen projects to low-carbon aviation fuel, but work on that guidance could grind to a halt if the government closes.

With droughts impacting almost all 50 states, the IRS is giving more relief.

The proposed regulations define a digital asset as any digital representation of value that is recorded on a cryptographically secure distributed ledger or any similar technology.

The revised Form 6765 could help both the IRS and taxpayers avoid lengthy audits involving faulty claims.

The service is asking for comments from business taxpayers and their advisors about ways to improve and expand its programs for resolving tax issues upfront.

Some worry the proposed regulations could make it more difficult for small and midsized businesses to obtain coverage in case of disaster.