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Treasury Outlines Path to Equitable Clean Energy Economy
The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy. In a fact sheet issued October 26, 2022, the Treasury Department highlighted four key areas the tax policy built on...
IRS Adds New Domestic Filing Exception for Partnership Schedules K-2 and K-3
Beginning with their 2021 tax years, partnerships with "items of international tax relevance" must file Schedule K-2, Partners’ Distributive Share Items—International, and Schedule K-3, Partner’s Share of Income, Deductions, Credits, etc.—International. Draft...
Tax Gap Reaches Nearly $500 Billion, IRS Reports
The Internal Revenue Service is estimating the tax gap on tax years 2014-2016 to be $496 billion, an increase of more than $58 billion from the prior estimate. "The increase in the tax gap estimates reflects that the IRS needs to do more, both in improving taxpayer...
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