News & Analysis as of

Internal Revenue Service Earned Income Credit

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Fox Rothschild LLP

IRS Increased Audits Of High-Income Individuals During FY2024, But Future Of Initiative Under New Administration Is Doubtful

Fox Rothschild LLP on

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that the Internal Revenue Service increased audits of high-income taxpayers during fiscal year 2024, in line with a 2022 Treasury...more

Foodman CPAs & Advisors

Tax Preparation 2025 Useful Pointers

On 12/19/24, anticipating the 2025 filing season, the IRS published Tax Preparation 2025 Useful Pointers in IR-2024-311: Prepare to file in 2025: Get Ready for tax season with key updates, essential tips. As the 2025 filing...more

McDermott Will & Schulte

Weekly IRS Roundup April 8 – April 12, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...more

McDermott Will & Schulte

Weekly IRS Roundup March 11 – March 15, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 11, 2024 – March 15, 2024. ...more

Dickinson Wright

IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

Dickinson Wright on

The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible...more

McDermott Will & Schulte

Weekly IRS Roundup February 13 – February 17, 2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 13, 2023 – February 17, 2023. ...more

McDermott Will & Schulte

Weekly IRS Roundup January 23 – January 27, 2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 23, 2023 – January 27, 2023. January 23, 2023: The IRS released Internal Revenue...more

McDermott Will & Schulte

Weekly IRS Roundup October 31 – November 4, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022....more

McDermott Will & Schulte

IRS Releases 2023 Annual Inflation Adjustments

McDermott Will & Schulte on

On October 18, 2022, the Internal Revenue Service (IRS) announced the annual inflation adjustments for 2023 related to more than 60 tax provisions, with some increasing, some maintaining and some new additions to the list...more

McDermott Will & Schulte

Weekly IRS Roundup May 23 – May 27, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 23, 2022 – May 27, 2022... May 25, 2022: The IRS issued a press release revising frequently...more

McDermott Will & Schulte

Weekly IRS Roundup February 27 – March 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 27, 2022 – March 5, 2022... March 1, 2022: The IRS issued final regulations increasing...more

McDermott Will & Schulte

Weekly IRS Roundup April 26 – April 30, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 26, 2021 – April 30, 2021... April 26, 2021: The IRS issued Revenue Procedure 2021-23,...more

Rosenberg Martin Greenberg LLP

Internal Revenue Service Announces “People First Initiative” In Wake of COVID-19

Initiative Temporarily Suspends Many Payment Requirements and Enforcement Actions Earlier this week, the Internal Revenue Service (“the Service”) unveiled its new People First Initiative (“the Initiative”), an effort by...more

Morgan Lewis

Nonemployee Compensation Reportable on Revived Form 1099-NEC for 2020 Payments

Morgan Lewis on

The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. ...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, February 2019 #3

MEET THE MEMBERS - Now that everyone is familiar with the new House Ways and Means Committee members, it’s time to meet the newbies in the upper chamber’s tax writing committee: the Senate Finance Committee. Joining the...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, February 2019 #2

MEET THE MEMBERS - Congratulations! You have officially met all of the new faces in this session’s House Ways and Means Committee. For our final installment of Meet the Members, we introduce you to the two remaining...more

Chambliss, Bahner & Stophel, P.C.

Many People with Disabilities Not Taking Advantage of Tax Credit

Although millions of people each year earn cash refunds from the Internal Revenue Service (IRS) via the Earned Income Tax Credit (EITC), many others, including many people with disabilities, are not taking advantage of this...more

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