Trump and Harris Present Divergent Tax Visions Ahead of 2024 Election

As the 2024 presidential race heats up, Donald Trump and Kamala Harris are offering starkly different visions for U.S. tax policy.

Trump’s New Tax Proposal

As the 2024 Presidential election draws closer, former President Donald Trump has rolled out a series of tax proposals aimed at benefiting a wide range of Americans.

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

Interest rates decrease for the first quarter of 2025

The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025.

IRS releases tax inflation adjustments for tax year 2025

The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.

Hurricane Ida tax relief extended to Feb. 15 for part or all of 6 qualifying states

Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the IRS announced.

IRS Provides Additional Updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit

The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

Home improvements could help taxpayers qualify for home energy credits

The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy credits.

IRS Increases Scrutiny on Wealthy Taxpayers and Sophisticated Schemes

The IRS, leveraging Inflation Reduction Act funding, is intensifying its compliance focus on high-income earners and large entities, employing Artificial Intelligence to detect tax evasion.

Emergency preparedness plans for businesses should include financial records

Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually.

93 Million Americans Could See Income Tax Relief Based On Trump’s Tax Plans

Former President Donald Trump has proposed a sweeping overhaul of the income tax system, potentially exempting 93.2 million Americans, including those receiving Social Security benefits, tipped worker

IRS provides relief to Francine victims in all of Louisiana; various deadlines postponed to Feb. 3, 2025

The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 10, 2024.

Never mind the myths; know the facts about receiving a Form 1099-K in 2024

The IRS continues to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K. Here are some common scenarios involving these forms.

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers

The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

IRS enhances ‘Where’s My Refund?’ tool for 2024 filing season

With millions of tax refunds going out each week, the Internal Revenue Service reminded taxpayers today of recent improvements to “Where's My Refund?” on IRS.gov.

Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets

The Internal Revenue Service reminds taxpayers they’re generally required to report all earned income on their tax return.

Navigating the Impact of IRS E-File Delays on Tax-Exempt Organizations

The IRS said Thursday that a limited number of tax-exempt organizations won't be able to electronically file their income tax returns until the middle of March due to technology upgrades.

CORRECTION: IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving.

Should Wealthy Clients Delay Taking Social Security?

Wealthy clients who have no immediate need for Social Security benefits at retirement often choose to delay taking them until age 70 or beyond.

Red flags for Employee Retention Credit Claims

The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC).

IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023

The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving.

Understanding Required Minimum Distributions (RMDs) and Recent Changes Under the SECURE 2.0 Act

Beginning in 2023, the SECURE 2.0 Act changed the age when Required Minimum Distributions (RMDs) must begin to age 73 for taxpayers that are born after 1950.

IRS Announces Updated Per Diem Rates for Lodging, Meals, and Incidentals

Starting October 1, the IRS will implement special per diem rates to help taxpayers substantiate travel expenses for lodging, meals, and incidental costs.

IRS Raises Per Diem Rates for Business Travel 2022-2023 Special Per Diem Rates

The IRS announces 2022-2023 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.

IRS Increases Mileage Rate for Remainder of 2022

The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022.

Standard Mileage Rates to go up in 2022

the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year.

Deadline Approaches for Voluntary Employee Retention Credit Disclosures

The IRS has set a deadline of November 22 for businesses to participate in the second round of the Employee Retention Credit (ERC) Voluntary Disclosure Program.

Early Sunset of the Employee Retention Credit gets Penalty Relief

Employers that received an advance payment of the employee retention credit (ERC) may repay or deposit the taxes without penalty under guidance issued Monday by the IRS.

Anticipated Changes to Social Security in 2025

As 2025 approaches, several key changes to Social Security are expected that will impact both current workers and retirees.

Social Security wage base, COLA set for 2022

The maximum amount of an individual's taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced Wednesday.

Tax Showdown Between J.D. Vance and Tim Walz

As potential future presidential contenders, J.D. Vance and Tim Walz are showcasing contrasting tax policy visions.

Treasury Greenbook proposes to raise taxes on corporations and wealthy

The Treasury Department released its “Greenbook” Monday detailing the tax proposals in the Biden administration’s budget, including plans to raise the corporate tax rate to 28%.

Democrats’ tax plan kills backdoor Roths, sharply curbs founder stock loophole

Farewell to backdoor Roth conversions and goodbye to half of a massive tax break for many entrepreneurs and their original investors.

IRS Resumes Processing ERC Claims Amid Backlog and High Denial Rates: What Taxpayers Need to Know

The IRS has begun processing Employee Retention Credit (ERC) claims received before the September 2023 moratorium, with a backlog of 1.4 million claims totaling over $86 billion.

Top 5 Things Dairies Need to Know about the Employee Retention Credit

The Employee Retention Credit (ERC) is a powerful federal incentive meant to offset issues for business owners but there is some uncertainty in many communities about how the credit works.

Hobby or business: What people need to know if they have a side hustle

Hobbies and businesses are treated differently when it comes to filing taxes. Here are some things to consider.

Treasury, IRS issue updated guidance on required minimum distributions from IRAs, other retirement plans

The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules.

IRS warns taxpayers about misleading claims about non-existent “Self Employment Tax Credit”

The Internal Revenue Service issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers.

IRS recommends safeguarding information in case of natural disasters

The Internal Revenue Service reminds taxpayers that May kicks off the season of disaster preparation with National Wildfire Awareness Month and National Hurricane Preparedness Week, May 5-11.

IRS announces HSA maximum contribution limits for 2025

The maximum contribution amounts for a health savings account (HSA) and certain related benchmarks will be slightly higher next year, but the increases are not as steep as those last year.

New Tax Legislation Aims to Benefit American Families and Businesses

The House of Representatives recently passed a significant tax bill known as the Tax Relief for American Families and Workers Act, which has the potential to bring several tax breaks back to life.

2024 Flexible Spending Arrangement contribution limit rises by $150

During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses.

Get ready to file in 2024: What’s new and what to consider

The Internal Revenue Service today urged taxpayers to take important actions now to help them file their 2023 federal income tax return next year.

IRS provides tax inflation adjustments for tax year 2024

The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024.

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

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity

The Internal Revenue Service today reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.

IRS encourages employers to electronically file payroll tax returns

The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically.

IRS: Beware of fake charities; check before donating

The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate charities.

IRS announces withdrawal process for Employee Retention Credit claims

The Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim.

IRS Orders Immediate Stop to New Employee Retention Credit Processing

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims.

IRS Extends Transition Period for New Roth Catch-up Requirement Until 2026

The IRS has extended the transition period for the new Roth catch-up contribution requirement to 2026 and confirmed that individuals aged 50 and over can still make catch-up contributions after 2023.

Inflation expected to drive up tax bracket limits in 2024

A new report by Bloomberg Tax indicates that inflation-adjusted figures within the Tax Code are expected to rise by 5.4% in 2024.

Tax considerations when selling a home

Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

Business travelers should check out these deductions before hitting the road

Business travel deductions are available for certain people who travel away from their home or main place of work for business reasons.

IRS payment plan options – Fast, easy and secure

Most taxpayers qualify for an IRS payment plan (or installment agreement) and can use the Online Payment Agreement (OPA) to set it up to pay off an outstanding balance over time.

Installing Solar Panels Or Making Other Home Improvements May Qualify Taxpayers For Home Energy Credits

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.

HSA limits get another big bump

Inflation-adjusted amounts for health savings accounts (HSAs) are set to increase yet again, according to the Internal Revenue Service (IRS).

Inherited Retirement Plan? How to Easily Understand Payout Rules

Overall, this article provides a comprehensive overview of the different beneficiary groups and their corresponding payout rules for inherited retirement plans.

What taxpayers should do when the receive Form 1099-K

If taxpayers receive a Form 1099-K, they should use that information with their other tax records to determine their correct tax liability.

Options for taxpayers with a tax bill they can’t pay

Taxpayers who can’t pay their tax bill by the April 18, 2023, deadline shouldn’t panic. The IRS offers several options to help them meet their obligations.

Filers should know about changes to common credits and deductions

Taxpayers who haven’t filed yet should make sure they’re familiar with the changes to credits and deductions for tax year 2022 to help them file an accurate return by the April 18, 2023, deadline.

Required Minimum Distributions

You can meet your RMD requirement by taking a withdrawal from one or more of your traditional IRAs, or SEP, SIMPLE and SARSEP IRAs.

Tax Tip 2023-38: Don’t fall for these federal tax refund myths

Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Learn facts from fiction in this post.

IRS introduces new service industry tip reporting program

The Treasury Department and Internal Revenue Service today issued Notice 2023-13 to establish the Service Industry Tip Compliance Agreement (SITCA) program.

Interest rates remain the same for the second quarter of 2023

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2023.

Tax Time Guide: Things to consider when filing a 2022 tax return

With the 2023 tax filing season in full swing, the Internal Revenue Service reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help.

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year

The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

SECURE 2.0 Act of 2022 Makes Sweeping Changes to Retirement Savings Plans; Overhauls Retirement Plan Tax Rules

SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to save for retirement, and more.

Year-End Strategies for Business Tax Planning

As the year draws to a close, here are some year-end strategies that might help your business's taxable income for 2022.

Tax Strategy: Prospects for Year-End Tax Legislation

In the current Congress, there will be considerable pressure to take some action. A new budget for the 2023 fiscal year has not yet been approved, along with the related spending bill.

Reminder to IRA Owners Age 70½ or Over: Qualified Charitable Distributions are Great Options for Making Tax-Free Gifts to Charity

The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year.

Individual Tax Planning Strategies for 2022

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify.

IRS provides tax inflation adjustments for tax year 2023

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.

The Department of Energy’s Full List of Electric Vehicles that Currently Qualify for the Credit

In an effort to encourage electric vehicle production and mass adoption, the Inflation Reduction Act was recently signed.

IRS Announces Interest Rate Increases for the Fourth Quarter of 2022; 6% Rate Applies to Most Taxpayers Oct. 1

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.

IRS relieves penalties for 2019 and 2020

A broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS Wednesday.

September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters

September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places everyone needs a solid strategy.

Tax Advice for Claiming a Dependent Who Works

When your dependent enters the workforce for the first time, you may find yourself wondering how their employment status affects your tax situation.

COVID Tax Tip 2022-99: An Overview of the IRS’s 2022 Dirty Dozen Tax Scams

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime.

Here’s What Tax Payers Need to Know About Business Related Travel Deductions

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast.

People Should Know if Their Pastime is a Hobby or a Business

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit.

IRS updates feature on ‘Where’s My Refund?’ Taxpayers can now track refunds for past two years

The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature for taxpayers.

Here’s what businesses need to know about the enhanced business meal deduction

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return.

IRS revises 2021 Child Tax Credit and Advance Child Tax Credit frequently asked questions

The IRS issued a revised set of frequently asked questions for the 2021 Child Tax Credit on May 20, 2022.

IRS Interest Rates Increase for the Third Quarter of 2022

In the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points.

What Elevated Inflation Means for Retirement Savers

Inflation may have you worried about your retirement. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period.

Important Tax Reminders for People Selling a Home

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021

All taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers.

EIDL Borrowers Receiving Additional Six-Month Deferment

The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months.

IRS Launches Resource page on IRS.gov with Latest Details and Information for Taxpayers During Filing Season

The Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season.

IRS Reminds Taxpayers their Social Security Benefits may be Taxable

The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits.

IRS Continues Work to Help Taxpayers; Suspends Mailing of Additional Letters

As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters.

Taxpayers Must Report Gig Economy Earnings When Filing Taxes

Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities

Taxpayer Advocate Warns of Tax Refund Delays this Season

The National Taxpayer Advocate, Erin Collins expressed her deep concerns about the upcoming tax filing season in a recent report to Congress.

IRS Adjusts Tax Item Amounts for 2021 Due to Inflation

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

Ranges for IRA Eligibility Change for 2021

Income ranges for eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit will all increase for 2021.

IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire

The IRS and the Treasury Department have issued guidance for the tax treatment of expenses when a loan from the SBA's Paycheck Protection Program is not forgiven by year's end.