Tax Law News and Insights

On February 29, 2024, the IRS announced a new initiative focused on high-income taxpayers who have failed to file federal income tax returns since 2017. As part of this initiative, the IRS is sending compliance letters to more than 125,000 taxpayers where tax returns have not been filed since 2017. The taxpayers...

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Highlights As provided in the Inflation Reduction Act (IRA), certain taxpayers may elect to receive direct payment of many of the tax credits included in the law. The U.S. Department of the Treasury and IRS recently finalized regulations on the rules and procedures regarding direct payment (sometimes referred to as...

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On Feb. 14, 2024, the California Office of Tax Appeals (OTA) denied the Franchise Tax Board (FTB)'s petition for rehearing, confirming its opinion in Appeal of Microsoft Corporation. The decision allows Microsoft to include 100% of its foreign dividends in the sales factor denominator. Case Overview Microsoft, a water's-edge filer in California, appealed the...

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