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Reform business entity classification rules for foreign entities: Under the proposal, a foreign eligible entity may be treated as a disregarded entity only if the single owner of the foreign eligible entity is created or organized in, or under the law of, the foreign country in, or under the law of, which the foreign eligible entity is created ...
Last month, the IRS issued official notice that for calendar year 2024 the dollar-limit threshold would drop to $5,000 and further announced the 2025 threshold would be $2,500. Only in 2026 is the ...
For a non-simultaneous exchange, the taxpayer must use a Qualified Intermediary, follow guidelines of the IRS, and use the proceeds of the sale to buy qualifying, like-kind, investment or business property. The replacement property must be "identified" within 45 days after the sale of the old property and the acquisition of the replacement ...
In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws.
In what its calls a "major policy change," the Internal Revenue Service (IRS) announced July 24 that it would be discontinuing its practice of unannounced visits to taxpayers. The agency cited a ...
If a payer issues a "B" notice, indicating an incorrect TIN, individuals can usually prevent or stop backup withholding by providing the correct name and TIN to the payer. Certification of the accuracy of the TIN is crucial. In the event of a second "B" notice, verification of the TIN from the Social Security Administration or the IRS is ...
Section 162(2): Trade or business expenses ... Section 179: Election to expense certain depreciable business assets ... Section 183: Activities Not Engaged in for Profit ... Part VII: Additional Itemized Deductions for Individuals (§ 211–§ 224) ... Section 212: Expenses for production of income ...
Small business owners should not forget about a rule — currently in legal limbo — that would require them to register with an agency called the Financial Crimes Enforcement Network, or FinCEN ...