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Tax News and Updates

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Recent News from the IRS

Tax Time Guide:
Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets

IR-2024-63, March 6, 2024 IR-2024-63, March 6, 2024 — The Internal Revenue Service reminds taxpayers they’re generally required to report all earned income on their tax return, including income earned from digital asset transactions, the gig economy and service industry as well as income from foreign sources.

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tax for treasury irs

Treasury, IRS issue guidance for the elective payment of advanced manufacturing investment credit

IR-2024-62, March 5, 2024 — The Internal Revenue Service (IRS) today issued final regulations that provide guidance for the entities choosing the elective payment for the advanced manufacturing investment credit, established by the CHIPS Act of 2022.

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clean energy tax credits

Treasury, IRS finalize rules on elective payments of certain clean energy credits under the Inflation Reduction Act

IR-2024-61, March 5, 2024 — The Department of the Treasury and Internal Revenue Service issued final regulations today for applicable entities that earn certain clean energy credits and choose to make an elective payment election.

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Time is running out: IRS encourages eligible non-filers in 2020 to claim their Recovery Rebate Credit before May 17 deadline

IR-2024-60, March 4, 2024 — The Internal Revenue Service today reminded those who may be entitled to the COVID-era Recovery Rebate Credit in 2020 that time is running out to file a tax return and claim their money.

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2024 Reporting Requirements Under Corporate Transparency Act

The new reporting requirements under the Corporate Transparency Act for all corporations, limited liability companies and other businesses, will begin in 2024. 

To keep updated with these new reporting requirements, such as what the Corporate Transparency Act is and the type of infomration to be reported, please click the button below and read the article. 

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