IRS Lists Population Census Tracts Designated as Qualified Opportunity Zones
The IRS has provided an official list of population census tracts designated as Qualified Opportunity Zones (QOZs), that now includes two additional census tracts in Puerto Rico. The chief executive o...

Inflation Adjustment and Credit for Renewable Energy Production Credit Provided
The IRS has published inflation adjustment factor and reference prices for determining the availability of the credit for renewable electricity production and refined coal production for calendar year...

Veterans Urged to Claim Refund for Tax Overpayments on Disability Severance
The IRS has urged veterans who received disability severance payments after January 17, 1991, and reported it as taxable income, to file Form 1040X, Amended U.S. Individual Income Tax Return, to ...

Obsolete Advance Payment Regulations Removed
The IRS has removed existing regulations regarding advance payments for goods and long-term contracts. These final regulations affect accrual method taxpayers who receive advance payments for goods, i...

Additional Information on Transition Tax for Untaxed Foreign Earnings Provided
The IRS provided additional information for taxpayers seeking guidance on the Code Sec. 965transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA) require...

Nina Olson Releases Report Intended to Improve EITC Administration
National Taxpayer Advocate Nina E. Olson has released a special report on the earned income tax credit (EITC), with recommendations designed to increase the participation rate of eligible taxpayers an...

MI - Principal residence exemption properly denied
A denial of the principal residence property tax exemption for the 2013, 2014 and 2015 tax years was affirmed by the Michigan Court of Appeals because the taxpayer did not occupy the properties and co...