In recent years, the net operating loss (NOL) deduction for businesses has seen several important changes. Since 2021, NOLs can’t be carried back, but unused losses can be carried forward indefinitely (with some exceptions for farm businesses). However, they’re now subject to an 80% of taxpayer income limitation. The 80% standard extends to NOLs generated […]

Due to funding under the Inflation Reduction Act, the IRS reports that it’s on a program of continuous improvement. For the 2024 tax filing season, it plans to reduce hold times on its taxpayer help phone line to five minutes or less. If wait times are expected to exceed 15 minutes, the IRS will call […]

The IRS announced an online tool for eligible dealers of plug-in electric vehicles (EVs) or fuel cell vehicles (FCVs). These are collectively called “clean vehicles.” Dubbed the IRS Energy Credits Online tool, it allows dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of a sale. The […]

Good news for taxpayers: The IRS’s Paperless Filing Initiative is ahead of schedule by nearly three months, according to Treasury Secretary Janet Yellen. The Inflation Reduction Act-funded initiative allows taxpayers to digitally respond to all correspondence. Indeed, as of Oct. 27, the IRS has received more than 35,000 responses to notices via its Document Upload […]

Heads up, business owners! Identity theft is a serious threat that can shut down your company, possibly forever. Among the signs that business identity theft has occurred: A business can’t file a tax return (because a return has already been filed using its ID number); a request for a routine extension is rejected; and tax […]