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Following the severe storms and torrential rainfalls that began on August 18, 2024, the Internal Revenue Service (IRS) announced, in IR-2024-234 (September 10, 2024), tax filing and payment extensions for [...]

WASHINGTON, D.C. -- The following information was released by the Committee on Ways and Means: House lawmakers voted to strengthen the penalties for making an unauthorized disclosure of tax information [...]

NEW YORK, NY -- The following information was released by the American Institute of Certified Public Accountants (AICPA): The IRS finalized regulations (T.D. 9991) on the statutory requirement that the [...]

U.S. persons who make outbound investments in foreign corporations often have thorny federal reporting obligations. In addition to the commonly filed IRS Form 5471, Information Return of U.S. Persons With [...]

Byline: Alison E. Lothes On Aug. 21, 2024, the Internal Revenue Service published proposed amendments to the regulations under Internal Revenue Code Section 2056A that relate to QDOTs. In general, [...]

On June 28, 2024, the Internal Revenue Service ('IRS') and the Treasury Department issued final regulations and other guidance related to reporting digital assets. Beginning with the 2025 calendar year, [...]

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 12, 2024 - August 16, 2024. August 12, 2024: The [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, an author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Preparing tax returns [...]

The Office of the Taxpayers' Ombudsperson has launched a formal investigation of how the Canada Revenue Agency handled new reporting rules around bare trusts that took effect - and were [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, and is an author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. When Carolyn [...]

Byline: TERRY F. RITCHIE Partner with Cardinal Point Wealth Management and a member of the Financial Planning Association of Canada I am a U.S. citizen now living in Canada. My [...]

Byline: ROB CARRICK; Staff The frantic reaction to capital-gains tax changes announced in the recent federal budget demonstrates how hard it is to agree on what wealth means. The tax [...]

Byline: Drew Goins You're reading the Today's Opinions newsletter. Sign up to get it in your inbox. In today's edition: Cancel the National Day of Prayer, then make marijuana legal [...]

There are few worse feelings than feeling behind the ball on your tax reports. Never mind the arduous task of filling out the forms themselves, just staying on top of [...]

Corrected, July 19, 2024: This article has been updated to fix a typo in the third paragraph and clarify a reference in the parenthetical to the 2024 filing date. In [...]

May was a very busy month due to the preparation and submission of both the 1st Provisional Income Tax Return for 2024 and the Corporate Income Tax Return for 2023 [...]

In Short The Background: The U.S. Treasury Department ('Treasury') issued regulations finalizing the reporting requirements on the 1% corporate stock buyback tax and starting the clock on the tax's first [...]

As tax filing season officially began this week, it is vital for individuals and businesses to remain apprised and cautious of potential tax season scams that could compromise their financial [...]

WASHINGTON -- The following information was released by the U.S. Government Accountability Office (GAO): What GAO Found In July 2023, GAO identified 24 priority recommendations for the Internal Revenue Service [...]

Corporate taxes: Overview The federal government levies corporate income tax on company profits at a rate of 30%. The rate is 25% (from 2021) for small businesses with annual turnover [...]

WASHINGTON -- The following information was released by the Internal Revenue Service (IRS): Until a final federal rule is published, the Internal Revenue Service today reminded taxpayers that marijuana remains [...]

The IRS recently finalized regulations that stand to significantly affect foreign investment in real estate investment trusts structured to qualify as domestically-controlled REITs (D-REITs). D-REITs have long been a popular [...]

Ρυθμός ανάπτυξης ΑΕΠ: 1ο τρίμηνο 2024 (προκαταρτική εκτίμηση) Ο ρυθμός ανάπτυξης της οικονομίας κατά το πρώτο τρίμηνο του 2024 είναι θετικός και υπολογίζεται σε 3,5% σε σύγκριση με το αντίστοιχο [...]

HMRC now requires claimants to submit a formal pre-notification form prior to submitting any R&D claim via a corporation tax return. This is something completely new to the UK scheme [...]

WASHINGTON -- The following information was released by the office of Pennsylvania Rep. Lloyd Smucker: Rep. Lloyd Smucker's (PA-11) Foreign Grant Reporting Act was favorably reported from the Committee on [...]

Students rushed to submit their Free Application for Federal Student Aid applications on May 2 for the 2024-2025 academic year's priority deadline. The process leading up to this deadline was [...]

Byline: Ms K Aarthy, Advocate, G N Law Associates MAY 07, 2024 By Ms K Aarthy, Advocate, G N Law Associates THE Central Goods and Services Tax, 2017 (CGST Act) [...]

The Revenue Administration Presidency of Republic of T'rkiye published the Tax Procedure Law ('TPL') Circular No. VUK-167/2024-5 ('Circular') titled 'Extension of the Corporate Tax Return Filing Period' on 26 April [...]

Byline: Maya T. Prabhu - maya.prabhu@ajc.com More than 36,000 Georgians used a new unborn dependents deduction in 2022, lowering their taxable income by about $109 million, state officials say. The [...]