Taxation · 08/13/2025
IRS Updates Tax Refund Tracking Tool for 2024
This article explains how to use the IRS online tools to track the progress of tax refunds, including filing dates, status updates, and potential issues. It aims to help readers effectively manage their tax and refund information.
Taxation · 02/07/2025
Green Card Tests Define US Tax Residency Obligations
The definition of a U.S. tax resident is determined by the green card test, which grants legal permanent resident status and associated tax benefits. To maintain this status, it is essential to understand the regulations regarding abandonment, administrative, or judicial termination. This article provides detailed information to ensure your rights are protected.
Taxation · 08/12/2025
Itins Crucial for Noncitizens in US Tax System
The ITIN (Individual Taxpayer Identification Number) is an essential identification tool in the U.S. tax system for non-citizens. This article discusses the definition of ITIN, usage guidelines, and its differences from the Social Security Number (SSN). It addresses common questions related to ITIN and emphasizes the importance of handling ITIN properly.
Taxation · 08/12/2025
Firms Urged to Strengthen Tax Data Security Measures
The IRS has partnered with state tax agencies and the tax industry to launch the "Tax, Security, Together" campaign, aiming to raise public awareness about identity theft and protect taxpayer data security. The initiative calls for collective efforts from all sectors of society to implement effective measures and enhance awareness of data security protection.
Insurance · 08/13/2025
New Tax Rules Limit Insurance Firms Loss Discounting
The IRS Procedure No. 2019-31 provides insurance companies with discount factors for unpaid losses and expected recoverable claims from accident years 2018 and prior, aiding in compliance calculations. Effective from 2018, this procedure ensures accuracy in financial reporting within the insurance sector and is influenced by tax laws Section 846 and Section 832, further driving financial stability and risk management for insurance companies.
Taxation · 08/12/2025
IRS Passive Loss Rules Impact Tax Deduction Strategies
This article discusses the application of passive activity and risk rules outlined in IRS Publication 925, emphasizing the importance of understanding their impact on tax loss deductions and the significance of their sequential application. It encourages taxpayers to seek professional guidance.
Taxation · 08/12/2025
US Tax Guidelines for Foreign Firms Exiting Market
When a foreign enterprise completely terminates its trade or business activities in the United States, it must file Form 8848 to properly extend the assessment period for branch profits tax and ensure compliance. Domestic transferring enterprises must also follow the relevant declaration procedures when receiving assets to maintain tax compliance.
Taxation · 08/13/2025
IRS Tax Notices How to Address Debts Effectively
This article provides an interpretation of the IRS CP71A (SP) notice and corresponding response strategies, helping taxpayers understand the consequences of outstanding balances and how to alleviate financial burdens through appropriate payment options or transaction requests.
Taxation · 08/13/2025
Tax Crisis Spurs Surge in Personal Bankruptcy Filings
This article discusses options for personal bankruptcy, particularly strategies for coping when federal tax debts are unmanageable. It emphasizes the eligibility criteria and considerations for filing Chapter 13 bankruptcy, advising applicants to adhere to IRS requirements and consider professional support for achieving financial reconstruction.
Taxation · 04/24/2025
Bankruptcy Filers Can Pursue Tax Relief and Damages
This article explores how debtors can appeal to the IRS in bankruptcy situations to seek relief and damages related to violations of automatic stay or discharge orders, providing detailed information and recommendations on the relevant procedures.
Taxation · 07/16/2025
New Mexico Enacts Tax Relief for Disaster Recovery
Taxpayers in New Mexico affected by natural disasters will benefit from IRS tax relief measures, including extended filing and payment deadlines. These measures aim to alleviate post-disaster economic pressure and facilitate the rebuilding of lives.
Taxation · 08/13/2025
North Carolina Offers Tax Relief for Storm Victims
The IRS has issued tax relief measures for victims of storms in North Carolina, extending important deadlines to 2025. This initiative aims to alleviate economic burdens for affected individuals and businesses, supporting them in rebuilding their lives.
Taxation · 04/30/2025
Virginia Offers Tax Relief After Winter Storms Flooding
The IRS is providing tax relief to Virginia taxpayers affected by severe winter storms and flooding, extending the tax filing deadline to November 3, 2023, to help alleviate the financial burden caused by the disaster. For specific policies and application details, please visit the official IRS website.
Taxation · 08/13/2025
IRS Clarifies Tax Deductions for Theft Disaster Losses
This article explores effective strategies for handling issues related to property loss, theft, and deposit losses due to the bankruptcy of financial institutions in tax declarations. It provides taxpayers with detailed responses and recommendations.
Taxation · 08/13/2025
IRS Extends Tax Deadline for Alabama Hurricane Victims
Residents and businesses in Alabama affected by Hurricanes Helen and Milton will receive tax assistance from the IRS, with all related deadlines extended to May 1, 2025. The IRS will also hold a community assistance event in Thomasville to provide on-site consultations and remind victims to submit relevant documents and tax payments by October 16.