Chester County News and Community Website
The Internal Revenue Service (IRS) has recently updated its frequently asked questions (FAQs) concerning the New, Previously Owned, and Qualified Commercial Clean Vehicle Credits. This move brings much-needed clarity to …
IRS Offers Clarity on Clean Vehicle Credits With Updated FAQs Read More
The Internal Revenue Service (IRS) has unveiled a new Pre-filing Registration Tool designed to assist qualifying businesses, tax-exempt organizations, and governmental entities in leveraging the elective payment or transfer of …
IRS Introduces New Tool to Facilitate Elective Payment and Credit Transfer Elections Read More
The United States Treasury Department and the Internal Revenue Service (IRS) have jointly issued a set of proposed regulations outlining the administration of the tax credit for clean hydrogen production. …
Treasury Department Unveils Proposed Regulations for Tax Credit on Clean Hydrogen Production Read More
The Internal Revenue Service (IRS) recently introduced a new Voluntary Disclosure Program aimed at assisting businesses that erroneously claimed the Employee Retention Credit (ERC). This initiative offers an avenue for …
IRS Launches Voluntary Disclosure Program to Rectify Erroneous Employee Retention Credit Claims Read More
The Internal Revenue Service (IRS) is drawing attention to the upcoming deadlines for required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans for individuals born before …
IRS Raises Age for Required Minimum Distributions from Retirement Accounts in 2023 Read More
The United States Treasury Department and the Internal Revenue Service (IRS) have jointly issued Notice 2024-05, providing updated guidance on the commercial clean vehicle credit. This notice, which pertains to …
Treasury Department Extends Safe Harbor for Commercial Clean Vehicle Credit in 2024 Read More
The Internal Revenue Service (IRS) recently unveiled a bold initiative to provide penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that did not receive automated collection reminder …
IRS Announces $1 Billion in Penalty Relief for Overdue Taxpayers Amid Pandemic Read More
The Internal Revenue Service (IRS) recently launched the second phase of its online self-service tool for businesses, enhancing business tax account capabilities and broadening eligible entity types. The move is …
IRS Expands Online Service Tools for Business Taxpayers Read More
The Internal Revenue Service (IRS) has recently released the optional standard mileage rates for 2024. These rates are used to compute the deductible costs of operating an automobile for various …
IRS Announces 2024 Standard Mileage Rates for Automobile Usage Read More The Department of Treasury, in collaboration with the Internal Revenue Service (IRS), recently issued Notice 2024-10. This notice provides additional interim guidance on the new corporate alternative minimum tax (CAMT). …
Treasury Department and IRS Issue Interim Guidance on New Corporate Alternative Minimum Tax Read More