You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed […]

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]

When you file your 2025 tax return, should you do so as a head of household? Assuming you qualify, it could be more favorable than filing as single. To be eligible as head of household, you must be single and maintain a home that for more than half the year is also occupied by a […]

The IRS has announced that it will soon provide guidance on a new refund process for federal excise taxes paid on certain dyed fuel. Under the One Big Beautiful Bill Act, taxpayers may be able to recover excise taxes paid on clear diesel fuel or kerosene if the fuel is later removed from a terminal […]

The IRS has issued estimated-tax penalty relief for taxpayers who properly elect under Sec. 1062 to pay tax on qualifying farmland sale or exchange gains in four annual installments. Under Notice 2026-3, you may exclude 75% of the applicable net tax liability from your estimated tax payment calculations for the year of sale or exchange, […]