Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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Sen. Bernie Sanders and Ed Markey are introducing legislation to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for products.
June 24
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The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act.
June 24
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Many plan participants told the U.S. Government Accountability Office they didn't understand their four main options — or the potential tax consequences.
June 24
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Former Warburg banker Christian Olearius has been found permanently unfit to stand trial, so the court dropped the case.
June 24
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The Treasury Department provided formal notification to Russian authorities that it's partially suspending a tax treaty as relations worsen over the war in Ukraine.
June 21
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Notice 2024-55 from the IRS explains exceptions to the additional tax for certain emergencies, and for victims of domestic abuse.
June 21
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The Internal Revenue Service released a revised draft version of Form 6765, the Credit for Increasing Research Activities, in response to feedback.
June 21
