Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court held that the penalty for nonwillful failure to file an FBAR should be assessed on a per-report basis—capping fines at $10,000 per year, regardless of the number of accounts.… Read more about SCOTUS Holds FBAR Penalty Determined on Per-Report Basis (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Filing an amended return used to mean completing a paper form, regardless of how taxpayers submitted the original return to the Internal Revenue Service. During the pandemic, paper-filed returns… Read more about IRS Announces Direct Deposit for Amended Returns (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone filing their returns, the Internal Revenue Service has issued official guidance regarding the federal taxability of those payments.… Read more about 2022 Special State Payments Not Taxable (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
As part of the Inflation Reduction Act of 2022, lawmakers made changes to the Clean Vehicle Credit that were meant to encourage the purchase of U.S.-made electric and fuel cell vehicles. Unfortunately, the criteria for qualifying vehicles has proven confusing for some taxpayers.… Read more about Clean Vehicle Credit Guidance Revises Classifications (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Californians have been battered by torrential rains and flooding from a recent series of storms. To help victims recover, the Internal Revenue Service recently announced tax relief for federally declared disaster areas in the state.… Read more about California Storm Victims Get Tax Relief (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
