Tax

BOI reporting opens; Offender of the Year; state extensions; and other highlights from our favorite tax bloggers.

J. Russell George, the longtime Treasury Inspector General for Tax Administration, died Monday after an unspecified prolonged illness.

The tax lien is a new headache for the luxury retail and real estate tycoon as he tries to stem a flood of insolvencies that have swamped his sprawling empire.

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

In the fiscal year ending in July 2023, Intuit received $106 million in federal research and experimentation credits, which amounted to about 4% of its total R&D expenses.

The double taxation treaty between the U.S. and Hungary has been terminated as of Monday.

Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.

What do these changes mean for taxpayers and how can accountants help manage the impact?

The Internal Revenue Service needs to make improvements to protect the health and safety of employees working at an underground file storage site, where the perils include falling rocks and broken ladders.

The Internal Revenue Service and Treasury plan to propose regulations on a requirement for a product identification number, and they're asking for comments ahead of time on the PIN requirement.