Legislation

The bill, introduced in both the House and the Senate, would require the IRS to spell out exactly what the error on the return is.

This relief was provided to certain RMDs in 2021, 2022, and 2023, and is being extended in Notice 2024-35 to 2024.

Treasury says the federal government has reimbursed more than $580 million to the dealers who offered the tax credit.

The revised FAQs pertain to the new, previously owned, and qualified commercial clean vehicle credits.

While the cuts yielded benefits to Americans up and down the income scale, the benefits could best be described as modest.

The new guidance pertains to the Inflation Reduction Act's 1% excise tax owed on corporate stock repurchases or buybacks.

However, taxpayers will need to reduce the basis of the property when they sell it by the amount of the rebate, the IRS said last week.

Senate Republicans don’t want to hand President Biden an election-year victory on the legislation, which passed the House in January.