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Income Taxes › Internal Revenue Code (IRC) › Government Agencies

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Eversheds Sutherland (US) LLP

House tax bill proposes changes to information reporting rules

Eversheds Sutherland (US) LLP on

On May 14, 2025, the House Ways and Means Committee approved the “One, Big, Beautiful Bill,” containing the tax provisions destined for the budget reconciliation package. Several of the bill’s provisions would affect...more

Steptoe & Johnson PLLC

The IRS Requirement to Report Settlements With Government Agencies Over $50,000

Steptoe & Johnson PLLC on

As part of the 2017 Tax Cuts and Jobs Act (TCJA), Congress modified the rules governing the deductibility of certain government settlement-related expenses under the Internal Revenue Code (IRC). Effective January 1, 2022,...more

Littler

Settled a Lawsuit with a Government Agency Last Year? Form 1098-F Reporting of Fines and Penalties is Coming Due

Littler on

As part of the 2017 Tax Cuts and Jobs Act (Act), Congress enacted Internal Revenue Code (Code) section 6050X, which requires government agencies (and certain nongovernmental regulatory agencies) to issue information returns...more

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