Editorial team of TFX
Articles
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...
IRS Extends Tax Deadlines for Vermont Flood Victims
The Internal Revenue Service (IRS) has announced a significant tax relief initiative for victims of the recent flooding in Vermont. The agency is extending various individual and business tax return filing and payment deadlines to November 15, 2023. This measure aims to provide essential financial relief to those affected by t...
An important update for U.S. owners of businesses incorporated outside of the United States
In a landmark ruling that could have far-reaching implications, the U.S. Tax Court has recently made a decision that could significantly impact U.S. owners of businesses incorporated outside of the United States. The case Farhy v. Commissioner has challenged the IRS<...
Penalty Abatement Options for Forms 5471, 5472, and 8865
The U.S. tax system demands that individuals and corporations with international ties submit various information returns to the Internal Revenue Service (IRS). Failure to comply within the stipulated time frame can lead to hefty penalties. However, various options can help lessen or even nullify these penalties. Key...
Taxpayers Must Act Fast to Claim $1.5 Billion in Refunds for Tax Year 2019 Before July 17 Deadline
(update) Last Call to Claim 2019 Tax Refunds Before Upcoming Deadline July 6, 2023 The Internal Revenue Service (IRS) has issued an urgent reminder to approximately 1.5 million Americans who have not yet claimed their tax refunds for 2019. These individuals are encouraged to take ac...
IRS Advises Early Filers Who Reported Certain State Tax Refunds as Taxable to Consider Filing Amended Returns
The Internal Revenue Service (IRS) has recently released a statement advising taxpayers who filed their federal income taxes early this year and reported certain state 2022 tax refunds as taxable income to consider filing an amended return. The IRS clarified the federal tax status ...