Federal Tax Updates

Timely analysis of federal tax law changes, guidance, and developments affecting practitioners.

IRS Enhances Clean Vehicle Credit Information with Updated FAQs

Explore the 2024 IRS Clean Vehicle Credit updates through enhanced FAQs, simplifying the process for claiming electric vehicle credits.

What’s New in Digital Asset Reporting

As digital assets grow more popular, governments and agencies are actively developing regulations to bring greater structure to the area. The IRS is increasingly focusing on how taxpayers, both individuals…

Legislative Limbo: Deciding When to File 2023 Taxes

The IRS started accepting tax returns on January 29th, but on January 31st, the House passed the Tax Relief for American Families and Workers Act of 2024, which could impact…

Tax Bill Impacts Filing Season

On January 19, 2024, the bipartisan House Ways and Means Committee advanced H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” to the House floor by a…

FBAR Failure to File Penalty: Bittner v. U.S.

The following is a reprint from the 2023 University of Illinois Federal Tax Workbook, Chapter 12: Rulings and Cases. The video is a discussion of the case by instructor Jerry Brune during…

BOI: New Federal Reporting for Small Businesses

Guest video blogger, Larry Gray (AGC Solutions), explains the basics of Beneficial Ownership Information (BOI). BOI is issued by the Financial Crimes Enforcement Network (FinCEN). According to BOI, qualifying small…