‘Saver’s Credit’ can help low and moderate income taxpayers save
The Internal Revenue Service reminds low and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. [...]
Interest rates same for first quarter 2024, and energy property
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2024. For individuals, the rate for overpayments and underpayments [...]
Certify employees before claiming Work Opportunity Tax Credit
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return.
401(k) limit increases to $23K for 2024, IRA limit rises to $7K
401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
IRS Tax Pro Account has new tools for tax professionals
Tax Pro Account is a digital self-service portal for tax professionals to manage authorized relationships with their clients and view clients' tax information.
Inflation Reduction Act funding to ensure large corporations pay taxes owed
Following a dramatically improved 2023 filing season thanks to Inflation Reduction Act (IRA) investments, the Internal Revenue Service has targeted IRA resources on strengthening enforcement, with announcements on [...]
Extension filers to need all info before visiting a tax professional
The deadline is around the corner for taxpayers with an extension to file. Taxpayers need to gather all their records and get copies of any missing documents before [...]
Educational assistance programs help pay workers’ student loans
Employers that offer educational assistance programs can also use those programs to help pay their employees' student loans. Assistance Though educational assistance programs have been available for many [...]
Businesses must electronically file Form 8300 for cash payments over $10K
Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. For [...]
Energy efficient home builders may qualify for expanded tax credit
Eligible contractors who build or substantially reconstruct qualified new energy-efficient homes may be eligible for a tax credit of up to $5,000 per home. The actual amount of [...]