Examines the U.S. Tax Court case involving microcaptive in Patel v. CIR, 165 T.C. 10 (Nov. 12, 2025) where the 40% penalties were assessed.

The $600 reporting threshold has become a flashpoint for anyone who earns money through side gigs, payment apps, or freelance work. I want to unpack how that old limit is being reshaped, what the new ...

A group of MPs in Leicestershire have handed in a petition signed by more than 12,000 people opposing any expansion of ...

The longest government shutdown in U.S. history is now over. The backlog of work, however, remains. As the IRS scrambles to ...

The timing of when the Arizona Legislature reconvenes in January presents a potential delay in adopting changes to state tax ...

Key Points ・You usually have up to 3 years to amend your tax return to fix errors. ・Use Form 1040-X to report the changes to the IRS. ・You must include any forms that changed (W-2, 1099, 1098-T). You ...

Derbyshire County Council's Reform UK administration is set to increase its portion of council tax by the maximum amount. The ...

WASHINGTON (AP) — IRS Direct File, the electronic system for filing tax returns for free, will not be offered next year, the Trump administration has confirmed. An email sent Monday from IRS official ...

Internal Revenue Code Section 2801 was introduced into U.S. tax law in 2008, creating a U.S.-based inheritance tax, otherwise known as the “§2801 tax.” In January 2025, final regulations were issued ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...