On December 15, 2023, the Department of Treasury and Internal Revenue Service published Notice 2023-27498 regarding the proposed guidelines for the Section 45X Advanced Manufacturing Production Credit under the Inflation Reduction Act (IRA22). These provisions related to the tax incentives... Read More
The IRS’s “unworkable” digital asset reporting regulations have an “overly broad definition of a digital asset ‘broker,’ insufficient definition of a ‘digital asset,’ and an unreasonably short comment period.” These deficiencies “threaten to prevent a large swath of the digital... Read More
It has become popular to shift IRA holdings from standard investments, such as stocks and bonds, to alternative, non-traditional IRA assets that offer a higher return. Some investors have turned to real estate, hedge funds and cryptocurrency to diversify their... Read More
The Chancellor of the Exchequer delivered his Autumn Statement to the House of Commons on 22 November. FD believes the Autumn Statement will be broadly positive for SMEs in the UK with a number of key changes and initiatives confirmed... Read More
Research and Development (R&D) tax relief is a valuable incentive provided by the UK government to encourage innovation and technological advancement; however, understanding the rules and regulations surrounding subsidised expenditure can be challenging. In this article, we will delve into... Read More
Starting in 2024, many entities will be required to report information about their beneficial owners to FinCEN. The reporting requirement, enacted as part of the 2021 Corporate Transparency Act, is designed to help FinCEN and other agencies identify fraudulent use of the US financial system and prevent money laundering and hiding money or other assets. Read More
The IRS will use improved technology and AI to help compliance teams better detect tax cheating, identify emerging compliance threats and improve case selection tools. Read More
This tax lien does not mean you cannot sell your home or other real estate; in its simplest form, it means that the IRS or other taxing authority takes your place in line when the real estate is sold. Read More
The IRS has issued a third notice with additional guidance designed to help corporations determine whether the new corporate alternative minimum tax applies to them and how they calculate the tax. Read More
While your divorce decree may say he is liable, the IRS will hold you both liable if he doesn’t pay. There are several provisions in the tax code that can help. Read More
