United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26
The United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation of paragraph 4 of Article 1 and Articles 5-21 and 23 of the Conven...

IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169
The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency's review has identified a sign...

Seniors Warned of Rising Impersonation Scams, IR-2024-164
The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, to steal s...

Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45
The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024.For 2023, the inflation adjustment...

Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39
The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the...

IL - Medical debt relief deduction added
Illinois legislation added a personal income tax deduction from federal adjusted gross income for residents who receive funds from the state under the Medical Debt Relief Act. Taxpayers can claim the ...