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IRS adjusts tax item amounts for 2021 due to inflation

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

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IRS cuts entertainment tax break Trump now favors, amid virus

The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.

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IRS updates per diem rates for 2020-2021

The Internal Revenue Service issued the special daily rates that taxpayers can use to substantiate the amount of expenses they can deduct for lodging, meals and incidental expenses.

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