The Trump administration has decided not to offer the IRS' electronic tax filing system for free next year, and its future is unclear. An IRS official informed state comptrollers in ...

A required minimum distribution is money that must be taken out of a retirement savings plan. More specifically, RMDs are the minimum amounts that must come out of given retirement plan accounts each ...

As discussed in our prior blog posting, Canadian companies should be aware that, if they engage in certain “organizational actions” (as discussed below) that affect the tax basis of their securities ...

Sora, the text-to-video generative AI chatbot from OpenAI, has quickly become the most-downloaded app since its recent update to the Sora 2 platform, highlighting the growing impact of the company’s ...

The Internal Revenue Service continues to seek feedback regarding the draft instructions for Form 6765 and is extending the dates for reporting requirements related to the Credit for Increasing ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks in the One Big Beautiful ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

In a significant policy shift, the IRS has revised Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the cornerstone of its Voluntary Disclosure Practice (VDP), by ...

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