IRS: 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?
Can employers help employees save for emergencies?
Read More Can employers help employees save for emergencies?Congress nears deal on expanded child tax credit
Congress nears deal on expanded child tax credit – The Washington Post https://bit.ly/3u1vqhr
Read More Congress nears deal on expanded child tax creditIRS’s Energy Credits Online tool allows Clean Vehicle Credit within 72 hours
The 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
IRS 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 taxesBar Association submits comments on investment broker reporting requirements
Recently, 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
Americans Moved to Low-Tax States in 2023 https://bit.ly/3NY72UF
Read More Americans Moved to Low-Tax States in 2023Employers can pay back questionable Employee Retention Credits at discounted rate
As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program runs through March 22, 2024, and allows repayment of 80% of the claim received. […]
Read More Employers can pay back questionable Employee Retention Credits at discounted rateIt’s possible (but not easy) to claim a medical expense tax deduction
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually […]
Read More It’s possible (but not easy) to claim a medical expense tax deductionIRS collects record amount of revenue
In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) stated that the IRS collected a record-setting amount of revenue in fiscal year 2022. It took in $4.9 trillion, $790 billion more than collected in fiscal year 2021. TIGTA’s Trends in Compliance Activities Through Fiscal Year 2022 also reports an estimated “tax gap” […]
Read More IRS collects record amount of revenue
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