Tax Updates

The election results certainly bring a new day when it comes to taxes – especially for small and medium businesses. In particular, the election will end the log-jam that has held up providing relief from the amortization requirements for research expenses that took effect in 2022 – and bring back the long-time traditional policy of allowing immediate expensing of research costs.

Former Secretary of Agriculture Mike Johanns had not met Brooke Rollins until recently. When he learned President-elect Trump nominated her for agriculture secretary, he made a congratulatory call.

Private placement life insurance (PPLI) policies that push the boundaries of what is acceptable under IRS rules elude the agency’s auditors due in part to gaps in training and silos within the agency, a Tax Notes investigation has found.

As the presidential campaign heats up and with a hotly anticipated debate coming between Vice President Kamala Harris and former President Donald Trump, a tax expert is weighing in with his thoughts about the child tax credit and other proposals.

Recently, major questions have been asked about pop-up shops claiming to do taxes with artificial intelligence (AI). Some are even saying they can perform studies for complex incentives such as the Research and Development (R&D) credit.

My husband owns his own business. The Internal Revenue Service audited his 2021 income-tax return. There were some small mistakes. The amount due was paid.

The IRS should substantially increase the number of employee retention credit claims it processes in order to help businesses with legitimate claims, National Taxpayer Advocate Erin Collins said.

The Internal Revenue Service is turning to artificial intelligence to help select tax returns to audit and narrow the tax gap, but it needs to use this new technology consistently and transparently, according to a new government report.

Companies take IRS budgets into consideration when developing their year-to-year tax strategies and take more aggressive tax positions when IRS budgets are smaller,\

The IRS has formed a unit that aims to make it easier to quickly resolve tax disputes without litigation, an effort that will include more outreach on avenues available to taxpayers.