FAQs on the Service’s website are updated for preparing 2021 returns.
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
A law change and some regulations take effect while an array of provisions expire.
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.