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 information that taxpayers will be required to include for a research credit claim for refund to be considered valid. The current Treasury regulations require a refund claim to forth sufficient facts to apprise IRS of the basis of the claim. Chief Counsel Memorandum 20214101F will be used to improve tax administration with clearer instructions for eligible taxpayers to claim the credit while reducing the number of disputes over such claims. Taxpayers would be needed to identify all the business components to which the Code Sec. 41 research credit claim relates for that year.
For each business component:
Finally, taxpayers would need to provide the total qualified employee wage, supply and contract research expenses for the claim year. This could be done using Form 6765, Credit for Increasing Research Activities.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
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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