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Social Security Wage Cap and Benefit Amounts Increase for 2024, Social Security Fact Sheet: 2024 Social Security Changes; Social Security Announces 3.2 Percent Benefit Increase for 2024
For 2024, the Social Security wage cap will be $168,600, and social security and Supplemental Security Income (SSI) benefits will increase by 3.2 percent. These changes reflect cost-of-...
For 2024, the Social Security wage cap will be $168,600, and social security and Supplemental Security Income (SSI) benefits will increase by 3.2 percent. These changes reflect cost-of-...
Taxpayers Impacted by Terrorist Attacks in Israel Granted Tax Relief, Notice 2023-71; IR-2023-188
The IRS announced tax relief for individuals and businesses affected by terrorist attacks in the State of Israel. The IRS would continue to monitor events and may provide additional relief....
The IRS announced tax relief for individuals and businesses affected by terrorist attacks in the State of Israel. The IRS would continue to monitor events and may provide additional relief....
IRS Releases Process for Withdrawing ERC Claims, FS-2023-24; IR-2023-193
The Internal Revenue Service could release as soon as today the process that businesses can use to withdraw employee retention credit claims....
The Internal Revenue Service could release as soon as today the process that businesses can use to withdraw employee retention credit claims....
IRS Direct File Pilot Plans Detailed, FS-2023-23; IR-2023-192
The Internal Revenue Service detailed how it is proceeding with a pilot program that will allow taxpayers to file their taxes directly on the IRS website as an option along with doing an elec...
The Internal Revenue Service detailed how it is proceeding with a pilot program that will allow taxpayers to file their taxes directly on the IRS website as an option along with doing an elec...
Substantial Clean Vehicle Credit Guidance Issued, NPRM REG-113064-23; Rev. Proc. 2023-33; Fact Sheet FS-2023-22; IR-2023-186
The IRS released substantial new guidance regarding the new clean vehicle credit and the used clean vehicle credit. The guidance updates procedures for manufacturer, dealer and seller registrations an...
The IRS released substantial new guidance regarding the new clean vehicle credit and the used clean vehicle credit. The guidance updates procedures for manufacturer, dealer and seller registrations an...
2023-2024 Special Per Diem Rates Released, Notice 2023-68
The IRS has released the 2023-2024 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates...
The IRS has released the 2023-2024 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates...
IRS Updates Requirements for Amended Version of New Energy Efficient Homes Credit, IR-2023-180; Notice 2023-65
The IRS provided guidance on the new energy efficient home credit, as amended by the Inflation Reduction Act of 2022 (P.L. 117-169). The guidance largely reiterates the statutory requirements f...
The IRS provided guidance on the new energy efficient home credit, as amended by the Inflation Reduction Act of 2022 (P.L. 117-169). The guidance largely reiterates the statutory requirements f...
IRS Identifies Drought-Stricken Areas for Tax Relief After Involuntary Sale of Livestock, Notice 2023-67, IR-2023-179
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to ...
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to ...
Prepping for Increased IRS Audit Activity
With the Internal Revenue Service announcing more details on how it will be targeting America’s wealthiest taxpayers, Kostelanetz’s Megan Brackney offered up some advice on preparing for increa...
With the Internal Revenue Service announcing more details on how it will be targeting America’s wealthiest taxpayers, Kostelanetz’s Megan Brackney offered up some advice on preparing for increa...
IRS Warns Against Exaggerated Art Donation Deduction Programs Targeting High-income Taxpayers, IR-2023-185
The IRS has cautioned taxpayers to be vigilant about promotions involving exaggerated art donation deductions that may target high-income individuals and has also provided valuable tips to help...
The IRS has cautioned taxpayers to be vigilant about promotions involving exaggerated art donation deductions that may target high-income individuals and has also provided valuable tips to help...
Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative langua...
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative langua...
Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain som...
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain som...
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