Editorial team of TFX
Articles
Tax Relief Announcement: IRS Extends Deadline for South Carolina Taxpayers Affected by Idalia
If you're a South Carolina taxpayer impacted by Idalia, the Internal Revenue Service (IRS) has just announced essential tax relief measures. Individuals and businesses in the affected areas now have until February 15, 2024, to complete their federal individual and business tax filings and tax payments. This tax relief parallel...
IRS Clarifies Federal Tax Implications of State Tax Refunds and Other Payments
The Internal Revenue Service (IRS), the U.S. government agency responsible for tax collection and tax law enforcement, has recently released comprehensive guidance concerning the federal tax implications associated with refunds of state or local taxes. This also encompasses other specific payments made by state or local governments to i...
IRS Extends Transition Period for New Roth Catch-Up Contribution Requirement
In a recent announcement, the Internal Revenue Service (IRS) has extended the administrative transition period for the new Roth catch-up contribution requirement. Also read - ...
Treasury and IRS Issue Proposed Regulations for Brokers Reporting for Sale or Exchange of Digital Assets
In an era where digital assets are becoming increasingly prevalent, the U.S. Department of the Treasury, alongside the Internal Revenue Service (IRS), has taken a monumental step. They've in...
IRS Issues Warning of Scammers Pretending to be the IRS
As tax season continues, the Internal Revenue Service (IRS) has issued a pressing warning about a wave of email and text scams targeting taxpayers. Expatriates, in particular, must be vigilant as they may be more susceptible to these fraudulent schemes. Below we'll explore the various scams that have been identified and pr...
Important Update: Elective Pay Eligibility for Energy Credits Under the Inflation Reduction Act
Are you an expatriate involved in energy-related projects or part of an organization that may qualify for energy credits? The IRS has recently announced new guidelines concerning elective pay eligibility for certain energy credits under the Inflation Reduction Act. Here's what you need to know: Who Can Ben...