New Tax Laws

Are you a Texas resident wondering what the fuss about the Municipal Utility District (MUD) tax is all about? If yes, then this post may be just for you! It can be confusing to keep track of all of the taxes we pay, let alone understand exactly wh... Read More

Office of Chief Counsel IRS Memorandum. This concerns Internal Revenue Code Section 41, Research Credit Refund Claims. In an administrative claim for refund or credit for the I.R.C. Section 41 research credit, what information must a taxpayer ... Read More

Taxing book income to pay a fair share. The recently passed Tax and Climate Legislation that was signed by President Biden, will change how the largest Corporations in America are taxes. It amounts to a corporate minimum tax, and has the potent... Read More

Tax changes lead to reporting addition. In 2021, Congress passed the American Rescue Plan, and as part of the tax law change that was made, required the reporting of online sellers of valuables, even small items that in the past most taxpayers... Read More

IRS has new five year transformation plan. The IRS was developing a plan to modernize its agency, even before the Inflation Reduction Act gave it the funds it needed to carry out the plan. The IRS for years has had the oldest computer system in... Read More

New toned down inflation act. The bill that President Biden wanted passed, had a climate change proposal in it, to finally address the warming of planet earth. It also had some parts that several Senators questioned, and one decided a portion o... Read More

New credit documentation requirements. The IRS has provided guidance to taxpayers and internally on its new documentation requirements for administrative refund claims of the Sec. 41 business tax credit for increasng reserch activitites (the R&... Read More

San Francisco has new tax on ceos. San Francisco voters went to the polls and approved a ballot to impose a additional tax on any large company that pays its highest paid employee over 100 times more than its median worker. The political winds hav... Read More

New tax professional practice. The Internal Revenue Service and its Security Summit partners have achieved much success in combating identity theft (see "Tax Matters: IRS Touts Progress Against Taxpayer Identity Theft issues). However, an area ... Read More

IRS clarifies new qualified equity grants. In response to requests from taxpayers and employers, the IRS issued Notice 2018-97 to provide initial guidance on new Sec. 83(i), which was added to the Code by the law known as the Tax Cuts and Jobs ... Read More