Worldwide: Tax

A recent federal court decision, Huang v. United States,[1] offers important guidance for U.S. persons who have received large gifts from foreign persons, and failed to timely file Form 3520, Annual Return...

The Internal Revenue Service has introduced a streamlined process allowing taxpayers to extend the statutory two-year deadline for resolving disallowed Employee Retention Credit claims. This new option, utilizing Form 907, aims to prevent taxpayers from losing their right to administrative review or refund litigation as critical deadlines approach.

The IRS has finalized its list of occupations eligible for the income tax deduction on qualified tips under the "One Big Beautiful Bill Act," making only minor modifications from its preliminary guidance. Employers must now prepare to report employee occupation codes and cash tip amounts on 2026 Form W-2s, while navigating new rules that distinguish between qualifying and non-qualifying tips based on job duties and payment circumstances.