The Internal Revenue Service (IRS) requires employers and employees alike to use specific tax forms to accurately record wages, benefits paid, taxes withheld, and other essential financial information ...

Employees have been wondering how they will determine the amount of their qualified tips and qualified overtime eligible for deduction under the ...

W-2s and 1099s will not have new fields this year, but the IRS has now provided guidance on how employees can still claim tax deductions for tips ...

Tribunal emphasizes requirement of notice under section 153C for assessments in block period, quashing AY 2021-22 assessment framed without ...

Republican Senator Jim Justice and his wife didn’t pay his taxes, and now have to pay the IRS $5 million.

ITAT Delhi held that TDS deposited by a buyer in a later year cannot override correct assessment year of capital gains. Form 71 enables taxpayers to claim such TDS credit in year of ...

If you've received an audit from the Central Collections Agency and thought no big deal, think again, because now you may ...

The Court condoned a 31-day delay in filing Form 10B after finding the reasons bona fide and linked to COVID-19 disruptions. It set aside the rejection order and directed reprocessing of the return ...

U.S. Sen. Jim Justice of West Virginia has agreed to pay nearly $5.2 million in overdue personal taxes. An attorney for ...

Court held that Section 74 proceedings cannot be initiated when tax and interest are paid before issuance of notice under ...

Millions of Americans will need to decide between paying skyrocketing health care premiums or going without coverage in 2026 ...

A federal court said the pair “vastly overreported their actual income and taxes paid” in 2020 and now demands repayment with ...