IRS grants disaster relief extension to May 2025

In the wake of Hurricanes Milton and Helene, the IRS is reassuring storm victims that it stands ready to provide tax-related assistance needed to help recover from these disasters. The IRS automatically gives taxpayers located in federally declared disaster areas additional time to file tax returns and pay taxes. Currently, taxpayers in the states of […]

SSA announces increase in maximum earnings for 2025

The Social Security Administration (SSA) has announced that for 2025 the maximum earnings subject to Social Security tax will increase $7,500, from $168,600 to $176,100. This is referred to as the “wage base.” In addition, the SSA announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 2.5%. These changes reflect cost-of-living […]

Health Savings account contribution limits increase for 2025

Are you familiar with Health Savings Accounts (HSAs)? These are accounts that participants, their family members and employers can contribute to on a tax-advantaged basis. Such contributions are considered employer-provided coverage of medical costs and are therefore excludable from the employer’s income. The 2024 limit for employee and employer contributions combined is $4,150 for individual […]

Donating a Conservation easement?

Donating property for a conservation easement is a way to preserve land for the future. It can also bring the donor hefty tax breaks, which is why the IRS closely scrutinizes such donations. To qualify for tax deductions, donations must meet specific reporting and disclosure requirements and a qualified appraisal must establish the donation’s value. […]

The IRS unveils higher capital gains tax brackets for 2025

The IRS unveils higher capital gains tax brackets for 2025 – CNBC https://bit.ly/4fdg3Vf

Self-Insured plans required to report coverage information

Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility penalties and eligibility for premium tax credits under the Affordable Care Act (ACA). The IRS has just released final forms and […]

SCOTUS denies R+D Credit claimed by taxpayers

The U.S. Supreme Court has upheld a U.S. District Court ruling that denied research and development tax credits claimed by a married couple. The taxpayers own a construction company operating as an S corporation, and the lower court had ruled that the corporation’s projects failed to meet the business components test. It also found the […]

Disaster relief

When natural disasters occur, the U.S. government often declares affected counties as federal disaster areas. The relief associated with these declarations typically extends tax filing and other deadlines for individuals and businesses. The Treasury Inspector General for Tax Administration (TIGTA) has determined that the IRS must provide greater clarification regarding the timeframe for which business […]

Syndicated Conservation Easements classified as listed transactions under new regulations

The IRS has issued final regs that formally classify certain syndicated conservation easements as “listed transactions.” These transactions will be subject to reporting and disclosure rules designed to combat tax avoidance schemes. Indeed, syndicated conservation easements have been on the IRS’s annual Dirty Dozen list of tax schemes for many years. In these transactions, investors […]

Gamblers often don’t report taxable winnings

Gambling winnings must be included in taxable income. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn’t file tax returns. This occurred even though they received Forms W-2G (Certain Gambling Winnings). A TIGTA analysis covering three tax years showed that 148,908 persons who were […]