New E-Filing threshold in effect for 2024

The 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 […]

IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16 – CNBC https://bit.ly/47yQlX1

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

IRS’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 […]

IRS 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

Bar 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 […]

Americans Moved to Low-Tax States in 2023

Americans Moved to Low-Tax States in 2023 https://bit.ly/3NY72UF

Employers 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. […]

It’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 […]