Tax

The new Schedule 1-A and updated instructions enable taxpayers to claim the new tax breaks for tips, overtime, car loans and senior citizens for tax year 2025.

Senate Finance Committee leaders introduced bipartisan legislation with changes to IRS procedures and administration, and standards for tax preparers.

The confusion over pending Employee Retention Credit claims is bad. The situation for disallowed claims is much worse.

Preparers are helping clients navigate OBBBA deductions and other pressing concerns.

Wrong arm of the law; it all comes out in the wash; human nature and other highlights of recent tax cases.

The IRS issued Recovery Rebate Credits for the pandemic to nearly 301,000 ineligible taxpayers, many of whom were either immigrants or received extra payments.

The Institute asked for guidance from the IRS and the Treasury on the Trump Accounts for newborns as well other provisions of the One Big Beautiful Bill Act.

Lawmakers in Congress have their eyes on several pieces of tax-related legislation that may or may not get passed this year, though the upcoming November midterm election is bound to affect any possibility of the bills advancing.

The IRS introduced a new web page where taxpayers can confidentially report suspected tax fraud schemes, scams, evasion or other tax-related illegal activities.

Proposed regulations will affect the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit.