Editorial team of TFX
Articles
Inflation Reduction Act of 2022: What it Means for You and Your Taxes
The Inflation Reduction Act of 2022, which includes new tax provisions, extensions, and expansions of tax implications linked to energy-efficient tax benefits and healthcare benefits, was signed into law by the President of the United States. Here are some of the pr...
In More Than a Dozen States, Student Loan Forgiveness Tax Can Encounter Issues
The federal government will consider student loan forgiveness tax-free as announced by the Biden Administration. However, it could be taxed at the state level in over a dozen states, which is a minor issue that most states should be able to resolve quickly. State revenue offices and legislative bodies are juxtaposing their tax laws with...
IRS Provides Penalty Relief for Certain 2019 and 2020 Returns - Must File by September 30
The IRS has provided new penalty relief for taxpayers who filed 2019 and 2020 returns late. Additionally, the IRS expects 1.6 million taxpayers to receive more than $1.2 billion in credits or refunds. Relief Automatic if Filed By September 30th, 2022...
New Compliance Campaign - IRS Going after Non-US Trusts
Non-US Trusts Become New IRS Target Source: ...
IRS Form 7203
Are you curious about IRS Form 7203? This form is used by S corporation shareholders to figure out the potential limitations of their share of the S corporation’s deductions, credits, and other items that can be deducted on their returns. In this post, we'll provide an overview of Form 7203 and discuss some important points re...
Webinar: Pensions and Other Retirement Accounts Outside of the U.S. Recording and Q&A Transcript
On July 19, 2022, we hosted a webinar on Pensions and Other Retirement Accounts Outside of the U.S which included live Q&A with our tax experts. You can access the recording and we’ve also transcribed this Q&A transcript. ...