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The recent wildfires in Los Angeles County have had devastating effects on residents and businesses alike. In response, both the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) have implemented tax relief measures to assist those affected. This article outlines the key tax implications and relief provisions available. Extended Tax Filing and Payment Deadlines Recognizing the challenges faced by taxpayers in disaster-stricken areas, the IRS has ext

As the new administration takes office, significant changes in tax policy are on the horizon, particularly concerning the Internal Revenue Service's (IRS) Direct File program. This initiative, designed to simplify the tax filing process, is poised to undergo evaluation and potential modifications under the incoming leadership. Understanding Direct File The IRS's Direct File program allows taxpayers to file their federal income tax returns directly with the agency at no cost.

On January 10, 2025, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations to clarify key...

If you're involved in state or local government financing, you may have come across IRS Form 7217 , titled "Consent to Extend the Time to...

Sales tax compliance has become one of the most significant tax issues facing small and medium-sized businesses (SMBs) today. With...

Tax season can feel overwhelming for businesses, accounting firms, and finance teams alike. With ever-evolving regulations and intricate...