Despite IRS warnings, many taxpayers continue to be duped by bad online tax advice. The tax agency and its Security Summit partners are renewing alerts about false social media claims “that promise to magically enrich taxpayers.” In particular, taxpayers are warned about claiming credits, including a nonexistent “Self Employment Tax Credit” and the Fuel Tax […]

President-Elect Trump has announced he’ll nominate former Missouri Rep. Billy Long to be IRS Commissioner. Current leader Danny Werfel is scheduled to remain in the position until 2027. But Trump plans to replace Werfel with Long before his term ends. Werfel has overseen some IRS modernization efforts made possible by Inflation Reduction Act (IRA) funds. […]

Do you have an Identity Protection Personal Identification Number (IP PIN) from the IRS? More than 10.4 million taxpayers do. If you don’t have one, the IRS is encouraging you to add an extra layer of protection between your tax return and identity thieves by joining the IP PIN program at the start of the […]

Charitable contribution scams are on the rise, according to the IRS. One fraudulent tax scheme is sometimes marketed as “Charitable LLCs.” Unscrupulous promoters encourage high-income taxpayers to create limited liability companies (LLCs), deposit cash or other assets into them, and then donate a majority percentage of non-voting, non-managing membership units to charities. The promoters sometimes […]

Taxpayers who plan to claim medical expense deductions on their 2024 tax returns have less than one month to fit in any eligible appointments and purchases. To qualify, you must itemize deductions and file Schedule A. You can only claim qualified medical expenses not covered by insurance that exceed 7.5% of your adjusted gross income. […]

Beginning in 2024, eligible senior taxpayers may donate more from their IRAs with qualified charitable distributions (QCDs). Owners or beneficiaries of IRAs who are 70½ or older can make QCDs directly to IRS-approved charities. In 2024, the annual QCD limit is $105,000 (up from $100,000 in 2023). In 2025 it rises to $108,000. This limit […]