June 15 Tax Deadline Postponed; Tax deadline postponed for taxpayers who live and work abroad; The Internal Revenue Service (IRS) reminded people who live and work abroad that their tax deadline has been postponed. As per the details, tax deadline…

With very unfortunate stuff going out there in the world, the newly arrived pandemic, Coronavirus has lashed the entire globe on its knee. The break out of this virus has taken thousands of lives and still spreading at a rigorous...

State By State Figures For Economic Impact Payments; The U.S. Treasury Department and the Internal Revenue Service (IRS) issued the details of state by state figures for Economic Impact Payments for May 22, 2020. As per the details, most of the individuals…

Guidance to claim carbon capture credits; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury issued new guidance for the businesses all over USA to claim carbon capture credits. As per the details of guidance to claim…

Safe Harbor for Renewable Energy Projects; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury announced relief for those taxpayers who are involved in developing renewable energy projects in any part of the United States. As per…

Final Regulations for Tax-Exempt Organizations to Provide Relief; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury issued final regulations for tax-exempt organizations to provide relief. The final regulations (PDF) issued by the government agencies clarify that the…

IRS Cafeteria Plans Tax Relief through Increased Flexibility in Section 125; The Internal Revenue Service (IRS) allows temporary changes to section 125 cafeteria plans that provides guidance on increased flexibility for taxpayers. According to the changes, the claims period for…

IRS Guidance on Deductibility of Fines and Penalties; The Internal Revenue Service (IRS) issued proposed regulations for the deductibility of fines, penalties, and certain other amounts. Under the Tax Cuts and Jobs Act (TCJA), IRS Guidance on Deductibility of Fines…

IRS New Regulations on Income Tax; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury issued new guidance for Income Tax Withholding for retirement and annuity payments. As per the details, the proposed regulation provides update regarding…

IRS Announces Form 1040, Form 1040-X electronic filing options; A major milestone reached for electronic returns in the United States as the Internal Revenue Service (IRS) announces Form 1040-X electronic filing options to start very soon this summer. For the…