IRS Highlights Special Charitable Tax Benefit

The IRS has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 income tax return. Accordingly, the Independent Sector and National Council of Nonprofits...

Penalty Relief for Certain Pass-through Forms

Partnerships, S corporations, and U.S. persons with interests in foreign partnerships may rely on transition relief from penalties for tax years beginning in 2021 with respect to new Schedules K-2 and K-3. These schedules may be required for: Form 1065, U.S. Return of...

Supreme Court Rejects Affordable Care Act Challenge

The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec....