Chester County News and Community Website
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
The Treasury Department and the Internal Revenue Service (IRS) have recently issued Notice 2024-06, providing guidance on the new Sustainable Aviation Fuel (SAF) credit. This tax incentive was established by …
Treasury Department and IRS Release Notice for Sustainable Aviation Fuel Credit Read More
The Department of the Treasury, in collaboration with the Internal Revenue Service (IRS), has unveiled proposed regulations to guide the implementation of the advanced manufacturing production credit. This credit was …
Treasury Department and IRS Issue Guidelines for Advanced Manufacturing Production Credit Read More The Commissioner of the Internal Revenue Service (IRS), Danny Werfel, recently announced a significant reshuffling of the agency’s leadership structure. The planned changes, which are set to be implemented in …
IRS Announces Overhaul of Leadership Structure to Boost Efficiency and Modernize Tax System Read More