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Tax Briefing(s)

(Proposed) Tax Relief for American Families and Workers Act of 2024 (Passed by House, January 31, 20 2023 Tax Year-in-Review Consolidated Appropriations Act, 2023

Treasury Department's AI-Powered Fraud Detection Yields $375 Million Recovery
The Treasury Department's Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 ...

ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78
The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. "We are encouraged by the results so fa...

IRS Provides Guidance on Replacement of Certain Lead Service Lines, Announcement 2024-10
The IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many state governmen...

IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5
The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, the agency had announced b...

IRS Provides Waiver for Taxpayers Failing to Meet Foreign Earned Income Requirements, Rev. Proc. 2024-17
The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a f...

CA - Gain on sale was apportion able business income
An S corporation and a limited liability company (LLC) were engaged in the same unitary business, so gain on the sale of the S corporation's interest in the LLC generated business income subject to ap...

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