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Find out the kinds of records you should keep for your business to show income and expenses for federal tax purposes.

"The Truth About Frivolous Tax Arguments" addresses frivolous tax arguments in general. This document was updated March 2022.

IRS streamlined filing compliance procedures are for taxpayers who mistakenly failed to report foreign financial assets or pay taxes on those assets.

Foreign buyers and/or sellers of U.S. real property interests need identifying numbers to obtain reduced withholding or pay tax. Here¡¯s guidance for those who need to request ITINs (Individual Taxpayer Identification Numbers).

Tax Tip 2022-138, September 8, 2022 ¡ª Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances that can be beneficial.

FS-2023-19, Aug. 2023 ¡ª Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Although many cash transactions are legitimate, the information on the form can help law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities.

Section 4943 limits the involvement of a private foundation in the active conduct of a business enterprise by imposing tax on its excess business holdings. This Issue Snapshot explores the Service¡¯s authority to grant discretionary five-year extensions of the initial five-year disposition period.

Information on the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) and how it affects a foreign person with real property interest.

Section 1061 was added to the Internal Revenue Code as part of the Tax Cuts and Jobs Act (TCJA). For taxable years beginning after December 31, 2017, section 1061 recharacterizes certain net long-term capital gains of a partner that holds one or more applicable partnership interests as short-term capital gains. The provision generally requires that a capital asset be held for more than three years for capital gain allocated with respect to any applicable partnership interest (API) to be treated as long-term capital gain.

FS-2020-11, July 2020 ¡ª The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities.