IRS Offers Simplified Method for Corporate AMT
The IRS released guidance on June 2 to determine the Internal Revenue Code (I.R.C.) §55 corporate alternative minimum tax (CAMT). Notice 2025-27 offers an optional simplified method for determining applicable corporation status under I.R.C. §59(k)(1). A corporation is...
IRS Eliminates New Partnership Basis Shifting Rules
In a significant policy reversal, the Treasury Department and the IRS announced plans to remove the recently enacted reporting requirements related to partnership related-party basis-shifting transactions. According to Notice 2025-23, published on April 17, the...
New IRS Guidance for Reporting ERC Income Tax Effects
On March 21, 2025, the IRS updated its FAQs to provide new instructions for reporting employee retention credit (ERC) refunds for taxpayers who claimed the ERC for wages paid in 2020 or 2021 but have not yet amended their prior-year returns to reduce wage expenses....
Proposed Regulations Issued on the Commercial Clean Vehicle Credit
The Treasury Department issued proposed regulations on the §45W commercial clean vehicle credit. The §45W credit provides a tax credit of up to $40,000 for electric or hybrid vehicles of a character subject to the allowance for depreciation. The IRS provided useful...
IRS Announces Additional Identity Protection PIN Benefit
The IRS just announced another benefit of using an Identity Protection PIN (IP PIN). Beginning in the 2025 filing season, for tax year 2024 returns, the IRS will accept Forms 1040, 1040-NR, and 1040-SS even if a dependent has already been claimed on a previously filed...
IRS Announces Form 1099-K Reporting Thresholds
The IRS recently announced important changes to the reporting requirements for third-party settlement organizations (TPSOs) that handle payment card and third-party network transactions. PayPal and Venmo are examples of TPSOs. These changes, impacting Form 1099-K,...