The Inflation Reduction Act increased the tax credit cap from $250,000 to $500,000 beginning in 2023. The credit is elected on the 2023 tax return

To modernize and clarify foreign tax credits, the IRS issued lengthy and imitating final regulations that changes the type of taxes applicable for the foreign

The Internal Revenue Service recently updated its FBAR Reference Guide wherein some clarifications were provided: A US person is not just an individual. It includes

April 1, 2022 is the last day for taxpayers who turned 72 in 2021 to begin taking required minimum distributions (RMD) from a retirement account or plan. RMD rules apply to traditional SEP and SIMPLE IRAs, 401(k), 403(b) and 457(b) but not Roth IRA and only after you stopped working.

The American Rescue Plan Act that passed in March 2021, lowered the reporting threshold for Form 1099K for third-party settlement organizations (TPSOs) for transactions settled after 12/31/2021.

In 2011, the U.S. introduced an international asset reporting Form 8938 to ensure that US taxpayers located anywhere would report their foreign assets, accounts, investments, and income.