FinCEN announces filing relief for taxpayers affected by events in Israel

The U.S. Dept. of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced filing relief for taxpayers affected by the terrorist attacks in Israel. Certain taxpayers must annually report their foreign financial accounts to the U.S. Treasury by filing Reports of Foreign Bank and Financial Accounts (FBARs) on FinCEN Form 114. Specifically, U.S. taxpayers must […]

Lifetime Learning credit can be used for educational expenses

If you’re looking to upgrade job skills, possibly to qualify for a higher-paying position, don’t overlook the Lifetime Learning credit (LLC). Unlike with the American Opportunity Tax Credit, you don’t need to be pursuing a degree or credential to claim an LLC of up to $2,000 a year (calculated as a 20% match of as […]

Tax relief for individuals and businesses affected by events in Israel

Taxpayers affected by recent events in Israel may qualify for tax relief, according to a new IRS notice. Affected individuals and businesses will have until Oct. 7, 2024, to file returns and make payments that originally were due on or after Oct. 7, 2023, and before Oct. 7, 2024. This includes 2022 returns that qualified […]

IRS says it got $122 million in taxes from millionaires

IRS says it got $122 million in taxes from millionaires – Business Insider https://bit.ly/46Vwp0D

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit – CNBC https://bit.ly/45T72vD

IRS issues revised tax gap estimates

The IRS has issued a new “tax gap” projection for tax years 2020 and 2021. It shows the projected gross tax gap increased to $688 billion in tax year 2021, a “significant jump from previous estimates,” according to the IRS. The gap is estimated to decrease by $63 billion on 2021 returns when accounting for […]

SSA releases 2024 wage base

The Social Security Administration (SSA) has announced that for 2024 the maximum earnings subject to Social Security tax will increase $8,400, from $160,200 to $168,600. The $168,600 wage base for 2024 is slightly greater than the wage base forecasted by the SSA’s Office of the Chief Actuary back in April. In addition, the SSA announced […]

The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of these transactions can be complicated. It depends on how many […]

Offer in Compromise

Taxpayers who owe more federal taxes than they can pay may be able to seek an Offer in Compromise (OIC) with the IRS. An OIC allows a taxpayer to settle a debt for less than owed, or to enter an agreement for more time to pay, if paying the total would cause financial hardship. In […]

Who can represent me before the IRS?

If the IRS wants to talk to you about a specific tax matter, you can authorize a third-party to handle it on your behalf. But whether it’s an unpaid friend or relative or a paid tax pro, you must grant them formal permission. That can take several forms, such as assigning your power of attorney […]