Under a recently announced bipartisan fiscal year 2024 spending proposal, a portion of IRS funding initially provided by the Inflation Reduction Act (IRA) may be rescinded sooner than first announced. The IRA provided the IRS $80 billion in new funding. Subsequent legislation has chipped away at that amount. The Fiscal Responsibility Act cut $1.4 billion. […]
Read More IRS funding may be reduced in proposed 2024 spending proposalCompanies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid future projects. Unfortunately, the job-costing process tends to be cumbersome, causing some expenses to inadvertently fall through the cracks […]
Read More 6 tips to improve job-costing systemsThe IRS is reminding businesses required to file information returns of a significant rule change that went into effect on Jan. 1: The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 or more information returns were required to do so electronically. Notably, the […]
Read More New E-Filing threshold in effect for 2024IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16 – CNBC https://bit.ly/47yQlX1
Read MoreCan employers help employees save for emergencies?
Read More Can employers help employees save for emergencies?Congress nears deal on expanded child tax credit – The Washington Post https://bit.ly/3u1vqhr
Read More Congress nears deal on expanded child tax creditThe IRS’s Energy Credits Online tool allows clean vehicle dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of the sale of a qualified clean vehicle. The tool generates a time-of-sale report. The agency has announced that it’s extending the deadline for qualified dealers to submit their […]
Read More IRS’s Energy Credits Online tool allows Clean Vehicle Credit within 72 hoursIRS collected more than $520 million in back taxes from delinquent millionaires so far – NBC News https://bit.ly/3HhxPaN
Read More IRS collected more than $520 million in back taxesRecently, the American Bar Association (ABA) submitted comments and recommendations to the IRS about investment broker reporting requirements. This was in response to the Aug. 2023, release of proposed regulations under Sec. 6045 that instructed brokers to include transactions involving digital assets. The ABA contends that the regulations threaten “overly expansive and duplicative reporting, which […]
Read More Bar Association submits comments on investment broker reporting requirementsAmericans Moved to Low-Tax States in 2023 https://bit.ly/3NY72UF
Read More Americans Moved to Low-Tax States in 2023
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