by usoftax_admin | Jun 5, 2024 | Tax News
Certain payments from Norfolk Southern Corp. to victims of its freight train derailment and toxic chemical spill in East Palestine, Ohio, are considered disaster relief payments and are therefore not taxable, the Internal Revenue Service said Wednesday. by usoftax_admin | Jun 5, 2024 | Tax News
A House Appropriations subcommittee approved legislation Wednesday that would reduce Internal Revenue Service funding for fiscal 2025 by over $2 billion and prohibit money from going to the agency’s free online tax-filing program without congressional... by usoftax_admin | Jun 5, 2024 | Tax News
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and... by usoftax_admin | Jun 5, 2024 | Tax News
The IRS’ successful wielding of the economic substance doctrine to characterize multinational telecommunications corporation Liberty Global’s sophisticated set of intercompany deals as an abusive tax shelter could encourage the agency to apply similar... by usoftax_admin | Jun 5, 2024 | Tax News
The IRS urged the U.S. Supreme Court to overturn a Third Circuit decision finding the U.S. Tax Court’s 90-day deadline for challenging tax bills is not set in stone, arguing the couple defending the ruling are wrongly relying on a 2022 high court decision. by usoftax_admin | Jun 5, 2024 | Tax News
The settlement means the IRS will receive $200 million from the defunct currency exchange’s bankruptcy, a fraction of the claim value