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Generally, assuming no other statutory exclusion applies, the amount by which the fair market value of the qualified parking fringe benefit exceeds the sum of the amount excluded from gross income and the amount paid by the employee (if any), is wages subject to federal income tax withholding, Federal Insurance Contributions Act tax, and Federal Unemployment Tax Act tax.

Businesses and tax-exempt organizations that buy electric vehicles and mobile machinery may qualify for clean vehicle tax credits up to $40,000.

Topic No. 851 Resident and Nonresident Aliens

The following terms have special meanings with respect to U.S. Real Property Interest - FIRPTA.

Outlines the four criteria that must be met for foreign taxes to qualify for the tax credit.

MT-2024-02, Nov. 20, 2024 ¡ª The IRS announced today tax relief for individuals and businesses located in the Crow Tribe of Montana affected by severe storms and straight-line winds that began on Aug. 6, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

LA-2024-03, Sept. 13, 2024 ¡ª The IRS announced today tax relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 10, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

CT-2024-11, Sept. 10, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in Connecticut that were affected by severe storms, flooding, landslides, and mudslides that began on Aug. 18, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

NY-2024-08, Sept. 10, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in New York that were affected by severe storms and flooding that began on Aug. 18, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

SD-2024-14, Nov. 12, 2024 ¡ª The IRS announced today tax relief for individuals and businesses located in the Cheyenne River Sioux Tribe affected by severe storms, straight-line winds and flooding that began on July 13, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.