IRS extends time to perfect R&D credit

If your business has claimed the research credit under IRC Section 41 (commonly referred to as the “research and development,” or “R&D,” credit), listen up. The IRS has extended, through Jan. 10, 2025, the transition period for correcting research credit refund claims prior to the IRS’s final determination. During the extended transition period, the IRS […]

Contribution limits to qualified plans released

In 2024, individuals will be able to contribute up to $23,000 to 401(k) plans. The same is true for 403(b) plans and most 457 plans. This is up from $22,500 in 2023. The increase is part of cost-of-living adjustments made annually. The catch-up contribution limit for employees age 50 and over who participate in these […]

House passed aid would rescind funds from IRS

Emergency aid to Israel is the topic of a bill introduced by the U.S. House Committee on Oct. 30. If passed, it would rescind $14.3 billion of the $80 billion, 10-year appropriation for the IRS, which was authorized under the Inflation Reduction Act. House Speaker Mike Johnson (R-LA) said in an interview that Israel’s needs […]

Section 179 depreciation election limits for 2023

Heads up: Under Sec. 179, your business may be able to currently deduct eligible property you’ve placed into service in 2023. This generally includes new and used machinery, equipment, off-the-shelf software, roofs, improvements to building interiors and HVAC, as well as fire, security and alarm systems. For 2023, you can expense a maximum of $1,160,000. […]

Court rulings highlights the importance of due dates

A new U.S. District Court ruling highlights the importance of following rules regarding IRS filing dates. A taxpayer who inherited the proceeds of a variable life insurance policy claimed that he and his wife were overtaxed in 2011 and requested a refund. In 2017, he submitted a payment for 2011 tax due that didn’t include […]

How To Get an IRA Tax Deduction: Rules, Eligibility and More

How To Get an IRA Tax Deduction: Rules, Eligibility and More – USA TODAY https://bit.ly/3Mnzsa3

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 … – IRS https://bit.ly/3u0Edjt

Common Sense Recommendations for the Application of Tax Law to Digital Assets

Developing guidance regarding the taxation of digital assets hasn’t been easy for the U.S. Senate Finance Committee. The committee sought comment from the public and a group of 30 tax law academics responded by compiling “common sense” answers in a recent report. The report makes two general points that are deemed “central to any coherent […]

IRS extends acceptance of digital signatures

The IRS announced it has extended the acceptance of digital signatures indefinitely “until more robust technical solutions are deployed.” In addition, the use of encrypted email when working directly with IRS personnel has been extended until Oct. 31, 2025. The IRS originally allowed taxpayers and CPAs to use digital signatures and encrypted email during the […]

Does the IRS evaluate employees by how much they collect?

The IRS isn’t allowed to evaluate its enforcement employees by using any record of tax enforcement results (ROTERs) and certain other factors. In a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) examined whether the IRS complied with the requirements. The IRS defines ROTERs as data, statistics, compilations of information, or other numerical […]