IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS issued guidance providing that a redemption of money market fund (MMF) shares will not be treated as part of a wash sale under Code Sec. 1091. In response to final rules adopted by the Securities and Exchange Commission in July 2023, the revenue procedure amplifies Rev. Proc. 2014-45 and extends its wash sale relief to redemptions of shares in MMFs that maintain fixed share prices.
The guidance applies to a redemption of one or more shares in any MMF (including stable-NAV MMFs). If such redemption results in a loss, the IRS will not treat the redemption as part of a wash sale. Therefore, Code Sec. 1091(a) will not disallow the deduction for the resulting loss in the year realized and Code Sec. 1091(d) will not cause the basis of any property to be determined by reference to the basis of the redeemed shares.
Rev. Proc. 2014-45 is amplified and superseded for redemptions of shares in MMFs after October 2, 2023.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
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Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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