As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2027 H.S.A. Contribution limits for the upcoming 2027 (done in 2028) tax year for an individual with self-only coverage will be $4,500 and increase of $100 from 2026 , and for an individual with family […]
In IRS Tax Tip 2026-46 the IRS reminds taxpayers of the different types of business structures they can choose when setting up a new business, the type of tax year and the business Employer Identification Number (EIN). Thinking of starting a business? One of the most important first steps for new entrepreneurs and future business […]
The IRS reminds us through Tax Tip 2026-45 of Hobby Loss deductibility restrictions, please keep these in mind when preparing your US income taxes!! Many people have hobbies – things they enjoy doing in their spare time – and some even make a little extra money from them. However, there’s a difference between a hobby […]
The IRS using Tax Tip 2026-42 reminds homeowners of tax deductions as related to their State and Local real estate payments and the Home mortgage interest deduction, within the allowable set limits as per the OBBBA of 2025. However, to obtain these valuable tax deductions that homeowners my Itemize their deductions. The year is nearly […]
The IRS using IR-2026-55 reminds taxpayers and their employers that under IRC Sec 127 an employer may provide an employee tax free educational assistance up to $5,250.00 for tax years 2025 and 2025 adjusted for the COL in subsequent tax tears. These amounts are excluded Form W-2 Box 1 Wages, tips and other compensation. IRC […]
Campaign 896, which the IRS created to investigate compliance with the Foreign Account Tax Compliance Act (FATCA) resulted in the IRS identifying hundreds of taxpayers who failed to report significant foreign bank account deposits, but those efforts resulted in few examinations and penalties, a watchdog’s report said. The IRS identified hundreds of taxpayers who failed […]
IRS reminds us in IR-2026-44 Tax Tip 2024-30 that to avoid late payment penalties and related interest, there is still time to file their federal income tax return electronically and request direct deposit for any refund due. That individuals who cannot file their tax return by April 15, 2026 can request an automatic extension of […]
The IRS updates taxpayers in IR 2026-43 that with two weeks left in the traditional tax filing season to April 15, the Internal Revenue Service continues to deliver excellent service to taxpayers during the 2026 filing season with the rise in tax refunds, the smooth pace at which taxpayers are getting their refunds and the […]
The IRS reminds taxpayers in Tax Tip 2026-26 that taxpayers are generally required to report all earned income on their tax return, including income earned from part time and full time side work, whether or not the income is reported on an IRS tax form like a 1099-K, or 1099-MISC or 1099-NEC and regardless of […]
In IRS IR-2026-37 the IRS reminds taxpayers that April 15, 2023 is the last date to request as refund as related to the 2022 US tax year, where currently more than 1.2 billion in tax refunds lie on the table!!! The Internal Revenue Service today announced that over 1.3 million people across the nation have […]
The IRS takes the gloves off in Tax Tip 2026-21 explaining the Education Tax Credits, namely the American Opportunity Credit (AOTC) and Lifetime Learning Credit (LLC) and Student Loan Interest deductibility. The costs for continuing education can add up quickly and get expensive. There are several tax benefits such as credits and deductions that can […]
Hear Ye Hear Ye read all about it—in IRS- IR2026-02 -With the tweaking on the IRS platform form for the changes re the OBBBA for the upcoming 2026 tax season for the 2025 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off on Monday, […]
The IRS reminds us with the issuance of IR-2025-129 that with the OBBBA act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to deduct up to $10,000 of interest on new car loans (not leases) for passenger vehicle assembled in the US. The Department of the […]
Starting for the 2026 tax season for 2025 US income tax returns the IRS will offer first-time abatements (FTAs) to taxpayers who file their return late, provided they meet certain criteria, including having no unreversed penalties in the preceding three tax years, except estimated tax penalties. Without the need to reference the Statutory or Regulatory […]
The IRS announces with IR-2025-128 for the 2026 tax season with respect to the 2025 US income tax returns the standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, […]
The IRS explains in Tax Tip 2025-71 to parents of adopted children in 2025 that that finalized an adoption in 2025 or started the adoption process before 2025 the new more affordable Adoption Tax Credit options for international, domestic, private and public foster care adoptions, as a result of the OBBBA. Taxpayers who finalized an […]
The IRS reminds us with the issuance of IR-2025-114 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip income on certain listed occupations only for the Tip Deduction and Overtime Income, through a deduction of […]
The IRS announces the typical November 14, 2025 shutdown of the efiling tax system to prepare their computers for the upcoming 2026 tax season that is to file 2025 US tax returns! It now means paper filing until some point in January 2026 when the IRS announces a re-opening. MeF Production Shutdown To prepare for […]
As is usual this time of the year the IRS under Notice 2025-67 through IR-2025-111 advises the tax practitioner community and taxpayers of the upcoming 2026 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service announced today […]
Here we go the IRS announces the Federally indexed Social Security Wages base for 2026, both OASDI which goes to $184,500 from or a max of $11,439.00 in tax and Medicare which has no wage base limit. Individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026, the Social
IRS reminds us that for taxpayers that did not file by April 15, 2025 and extended their 2025 filings to October 15, 2025 filing Form 4868 filing, this deadline is quickly approaching. That this was an extension of time to file not to pay, as the payment penalty will not be postposed. However with the […]
As is usual this time of the year the IRS under Revenue Procedure 2025-32 using IR-2025-102 advises the tax practitioner community and taxpayers of the upcoming 2025 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion now set […]
The IRS reminds us with the issuance of IR-2025-92 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip and Overtime income on certain listed occupations…the IRS now shares those Occupations. The Department of the Treasury […]
IRS Tax Tip 2025-62 does an excellent job explaining the differences between a IRA Traditional and ROTH Options for the 2026 tax year, including information regarding SEP IRA’s, and Simple IRA’s. Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards […]
The IRS reminds us with Tax Tip 2025-47 that Ip PINs are a vital tool to protect taxpayers from scammers trying to steal their personal and financial information, how taxpayers can obtain their IP PIN. IRS identity protection PINs, or IP PINs, are a vital tool to protect taxpayers from fraudsters trying to steal personal […]
The IRS explains in Tax Tip 2025-41 how getting married can affect your US income tax filings, from changing your name, addresses, changing your withholdings and adjusting your filing status. Summertime is common time for wedding bells to ring, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s […]
IRS explains in Tax Tip 2025-40 as a homeowner what is deductible on Schedule A as an Itemized Deduction and what is not deductible. Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing […]
The IRS reminds taxpayers that they can log into https://www.irs.gov/payments and pay their income tax they owe using a US bank accounts, the IRS EFTPS system, or debit or credit card and access their IRS account online. Having problems paying your income taxes, the IRS reminds taxpayers they can set up a Short-term payment […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2026 H.S.A. Contribution limits for the upcoming 2026 (done in 2027) tax year for an individual with self-only coverage will be $4,400, and for an individual with family coverage, the maximum contribution will be $8,750. […]
The IRS announces with IR-2025-51 for the 2025 tax season for those that missed the April 15, 2025 deadline to file their 2024 tax returns to file as soon as possible to avoid additional penalties and interest standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service encourages taxpayers who missed […]
A fantastic article explaining the two step process involved in first exercising then selling stock obtained in the Non Qualified Stock Option (NQSO) process, with a comprehensive example. Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options […]
A fantastic chart providing the major differences in maximums and phase-outs between the 2024 and 2025 tax season, concerning Social Security and Medicare, IRA’s, Qualified Plan Limits, Mileage rates, Business meals, Standard Deductions, Kiddie Tax and much, much more! The following chart provides some important federal tax information for 2025, as compared with 2024. Social […]
An excellent article regarding IRA Traditional and ROTH Options for the 2025 tax year, including information regarding SEP IRA’s, Profit Sharing Plans, Defined Benefit Plans. Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while simultaneously […]
An excellent article explaining the major differences between the Standard Deduction and Itemized Deduction (ID), and the individual components of the ID. You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough […]
An excellent article regarding the ins and outs of saving for college and qualified higher education- including the College 529 CSP, Gifting implications, Coverdell Education Savings accounts (ESA’s), and the Education Tax Credits namely the American Opportunity Credit (AOTC) and Lifetime Learning Credit (LLC). Have you ever invested in a company only to see its […]
The IRS reminds taxpayers in Tax Tip 2025-21 that taxpayers can request a copy of a previous filed tax return by going online to their IRS Online Account or request a copy of a tax return by completing and mailing Form 4506, Request for Copy of Tax Return, to the IRS address listed on the […]
The IRS announced in IR-2025-24 on February 25, 2025 that Secretary Treasurer Scott Bessant announced that with the departure of Danny Werfel (who replaced Charles Rettig whose term ended November 2022) stepping down with the new Trump administration in coming into power in January 2025, being replaced by his Acting Commissioner Doug O’Donnell as the […]
Hear Ye Hear Ye read all about it—in IRS- IR2025-08-With the tweaking on the IRS platform form the upcoming 2025 tax season for the 2024 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 27, 2025! Anchors away. With tax day on April […]
The IRS explains with Tax Tip 2025-02 that your filing status- single/ unmarried or married, is determined on 12/31 of each calendar year that applies to the entire calendar year, in addition to a few things taxpayers should do if their marital status changed. A taxpayer’s filing status generally depends on their being married or […]
The IRS announces with IR-2024-312 the 2025 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain […]
The IRS reminds us in IR—2024-289 individual retirement arrangement (IRA) owners age 70½ and older can make up to $108,000 in 2025 from $105,000 in 2024 in tax-free charitable donations during 2025/ 2024 through qualified charitable distributions (QCD’s). Also that for those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s […]
IRS Commissioner Danny Werfel announced effective immediately, the IRS will no longer automatically assess penalties on taxpayers who file Forms 3520, Part IV (reporting foreign gifts) after the filing deadline. In addition, by the end of the year, the IRS will expand that approach to the late filing of reports relating to foreign trusts (i.e., […]
As is usual this time of the year the IRS under Notice 2024-80 through IR-2024-285 advises the tax practitioner community and taxpayers of the upcoming 2025 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service announced today […]
An excellent explanation of the IRC Sec 877 and new Sec. 877A pertaining to Expatriation of both U.S. Citizens and Legal Permanent Residents (Green Card Holders) that are Long Term Residents, who is a covered expatriate, how the exit tax works, the annually indexed exclusion, the carve outs and the completion of Form 8854 Initial […]
As is usual this time of the year the IRS under Revenue Procedure 2024-40 using IR-2024-273 advises the tax practitioner community and taxpayers of the upcoming 2025 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion now set […]
The IRS reminds us in Tax Tip 2024-84 IR—23-100 what we can do in the event of a natural disaster to reconstruct our records, some tips to keep in mind when we may apply for federal assistance or insurance reimbursements! It may be important for victims of a disaster to reconstruct their tax and financial […]
IRS reminds us that for taxpayers that did not file by April 15, 2024 and extended their 2023 filings to October 15, 2024 filing Form 4868 filing, this deadline is quickly approaching. That this was an extension of time to file not to pay, as the payment penalty will not be postposed. However with the […]
June 17, 2024 is the automatic deadline if you resident outside the US—the IRS reminds taxpayers that if they reside outside the US they have until June 17, 2024 this tax season to file their US tax returns. But if they cannot meet this deadline they can request an extension of time until October 15, […]
The IRS reminds taxpayers that just because many states have legalized the sale of Marijuana, at the Federal level Marijuana still remains a Schedule I controlled substance and under IRC Sec 280E taxpayers may not claim any deductions or credits for any amounts paid or incurred in carrying on a Marijuana trade or business that […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2025 H.S.A. Contribution limits for the upcoming 2025 (done in 2026) tax year for an individual with self-only coverage will be $4,300, and for an individual with family coverage, the maximum contribution will be $8,550. […]
The IRS reminds us under Tax Tip 2024-98 that American taxpayers that they must report and pay US income tax on their worldwide income, and can use the Foreign Earned Income Exclusion found on Form 2555 and the Foreign Tax Credit found on Form 1116 to reduce or eliminate their US income tax. It’s important […]
In IRS IR-2024-133 the IRS reminds taxpayers that May 17, 2024 is the last date to request as refund as related to the 2020 US tax year, where currently more than 1 billion in tax refunds lie on the table!!! The Internal Revenue Service today reminded the 1 million people who didn’t file their tax […]
In IRS Tax Tip 2024-38 the IRS reminds taxpayers when they should file an Amended US tax return- math errors, missing income or other types of mistakes or errors. When a taxpayer realizes that their federal tax return has a math error, missing income or other mistake, they should file an amended tax return. A […]
The IRS reminds taxpayers that they can log into https://www.irs.gov/payments and pay their income tax they owe using a US bank accounts, the IRS EFTPS system, or debit or credit card and access their IRS account online. Taxpayers have a variety of options to consider when paying federal taxes. Electronic payment options are the best way
Under the SECURE 2.0 Change for Higher-Income Participants, starting in 2024, participants in 401(k), 403(b) and 457(b) plans whose prior-year wage income exceeds $145,000 (adjusted annually for inflation) can only make catch-up contributions to a company-sponsored designated Roth account. However in Notice 2023-62, the IRS addresses these concerns by granting relief in the form of […]
A comprehensive discussion so you can evaluate whether a Health Savings Account is beneficial to You With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an […]
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there […]
In IRS FS 2024-11 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction and the important details! A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for the standard deduction, but […]
IRS reminds us in Tax Tip 2024-30 that for taxpayers that cannot file their 2023 US income tax returns by the April 15, 2024 deadline they may extend their 2023 filings to October 15, 2024 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the payment […]
The IRS explains In Tax Tip 2024-26 to parents of adopted children in 2023 they may qualify for the adoption credit. That the credit can be applied to international, domestic, private and public foster care adoptions. Taxpayers who adopted or started the adoption process in 2023 may qualify for the adoption credit. This credit can […]
The IRS reminds taxpayers in Tax Tip 2024-21 IR-2024-18 that they must check the box indicating whether they received digital asset as a reward, award or payment for property or services or disposed of any digital asset held as a capital asset through an exchange, sale or transfer. Taxpayers filing 2023 tax returns must check […]
The IRS reminds taxpayers in IR 2024- 660 that the 2020 Covid-19 related Recovery Rebate Credit – Economic Impact Payment (IEP) payment for 2020 has a deadline of May 17, 2024 to claim after which the Statutory Period of Limitation on making the claim and filing the 2020 return runs out… The Internal Revenue Service […]
The IRS reminds taxpayers in IR 2024- 63 that taxpayers are generally required to report all earned income on their tax return, including income earned from digital asset transactions (and answering the digital Asset question at the top of the tax return) , the gig economy and service industry as well as income from foreign […]
The IRS reminds taxpayer in FS-2024-02 of the five (5) filing statuses and of those the 2023 filing thresholds by filing statues. The benefits of filing, and instances where taxpayers may want to file even if they do not meet the minimum threshold filing requirements. Most U.S. citizens and permanent residents who work in […]
The IRS reminds taxpayers in IR-2024-18 that they mist answer a digital asset question on the top of their Form 1040/ 1040NR 2023 US income tax returns as they did on their 2022 US income tax returns. The questions reads “At any time during 2023, did you: (a) receive (as a reward, award or payment […]
The IRS announces in IR-2024-06 that employers have until Tuesday, January 31, 2024 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and […]
Hear Ye Hear Ye read all about it—in IRS- IR2024-04–With the tweaking on the IRS platform form the upcoming 2024 tax season for the 2023 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 29, 2024! Anchors away. With tax day on April […]
Protax reminds taxpayers of the Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA (due to sunset on January 1, 2026) passed by ex-president Trump on December 22, 2017 that became effective January 1., 2018 and affected the Standard Deduction, tax brackets, the SALT Limitation on Itemized Deductions and a lot more… […]
The IRS announces with IR-2023-246 The IRS reminds taxpayers that are over 73 years of age that is born in 1951 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. The payments are called required minimum distributions (RMDs), even if they’re still working. Account holders reaching age 73 in 2024 must […]
The IRS announces with IR-2022-239 2024 tax season standard mileage rates for business, medical, moving and charitable purposes. 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 purposes. Beginning on Jan. 1, 2024, the standard mileage […]
Here we go the IRS announces the Federally indexed Social Security Wages base for 2024, both OASDI which goes to $168,600 from or a max of $10,453.20 in tax and Medicare which has no wage base limit. Individual taxable earnings of up to $168,600 annually will be subject to Social Security tax in 2024, the […]
As is usual this time of the year the IRS under Revenue Procedure 2023-34 using IR-2023-208 advises the tax practitioner community and taxpayers of the upcoming 2024 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion now set […]
As is usual this time of the year the IRS under Notice 2023-75 through IR-2023-2023 advises the tax practitioner community and taxpayers of the upcoming 2024 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service announced today […]
The IRS reminds taxpayers in Tax Tip 2023-123 that new starting January 1, 2024 Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – The IRS then goes onto explain the […]
Protax revisits IRC Sec 121- Exclusion of Gain on Sale of Principal Residences-.rules re the 5 year window, the use and ownership tests, the 2 year rule and that the home must be your Main Home. Many homeowners across the country have seen their home values increase in recent years. According to the National Association […]
Protax explains the deductibility of interest as related to Mortgage interest, Investment interest Business interest, Student loan interest and Personal interest. Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place for years, although the Tax
Protax explains the income phaseout ranges based upon filing status now that the student loan pause is coming to an end! The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you […]
Protax explains that on August 25, 2023 the IRS postponed a mandate that was due to kick in starting in 2023 to 2026 for higher income tax earners making more than $145,000 that would have required their catch up contributions on 401(k)/ 403(b) and Thrift plans to be placed in after tax ROTH style IRA […]
Protax reminds client taxpayers that the have until October 16, 2023 to file their 2022 US income tax returns, new fraud scams, tax breaks for kids, overdue taxes and revised RMD IRS dates. Did you request an extension to file your tax return after the standard April 18, 2023, deadline? If so, you now have until
Protax explains that if you are 50 or over that you can top off your IRA and 401(k)/ 403(b) thrift plans accordingly and how it benefits Protax’s taxpayer clients down the road. If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? […]
The IRS reminds taxpayers with Tax Tip 2023-110 how they can help determine if a charity is legitimate. When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to […]
The IRS in Tax Tip 2023-18 explains to taxpayers wanting to set up a business the different business structure types, how to choose a tax year end, obtain an EIN and set up employees Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new […]
The IRS explains to taxpayers in IR-2023-160 how to claim a 2023 and prospective Qualified Plug In Electric Vehicle Credit on Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two-Wheeled Plug-in Electric Vehicles), that starting in tax years 2023 taxpayers will be able to also claim a credit for fuel cell and […]
IRS reminds us in IR-2023-122 that nearly 1.5 million taxpayers have until July 17, 2023 to file their 2019 US income tax returns or they will lose any potential resulting refunds. The Internal Revenue Service issued a final reminder today to nearly 1.5 million taxpayers across the country to claim their refunds for tax year […]
IRS explains in Tax Tip 2023-81 the application of IRC Sec 121- Exclusion of Gain on Sale of a Principal Residence, $250,000 per spouse–keep in mind that the home must be your Main Home and you must BOTH Own and Live in it or use it for at least 2 years, 34 months or 730 […]
The IRS reminds us under Tax Tip 2023-74 that after filing your 2022 US income tax return taxpayers can receive anyone of four (4) different types of IRS Theft ID letters, requiring them to follow a certain set of instructions prior to their tax returns being processed. Scammers sometimes use stolen Social Security numbers to […]
The IRS reminds us under IR 2023-106 that American taxpayers who reside outside the US on April 18, 2023 have an automatic two month extension to June 15, 2023 to file their 2022 US income taxes. In addition taxpayers may still file Form 4868 to request an automatic six month extension to file their 2022 […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2024 H.S.A. Contribution limits for the upcoming 2024 (done in 2023) tax year for an individual with self-only coverage will be $4,150, and for an individual with family coverage, the maximum contribution will be $8,300. […]
The IRS reminds us in Tax Tip 2023-68 that using IRS Form 5695- Residential Energy Credits- taxpayers can claim a Residential Energy Credit on “Qualified” Solar Panels, Water Heating, and Wind Energy, Geothermal Heat pumps and Biomass Fuel property. In addition taxpayers can claim an Energy Efficient Home Improvement Credit on Insulation Material, Exterior Doors, […]
The IRS reminds us in IR—23-100 what we can do in the event of a natural disaster to reconstruct our records, some tips to keep in mind when we may apply for federal assistance or insurance reimbursements! In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding […]
The IRS reminds us under Tax Tip 2023-36 that American taxpayers that they must report and pay US income tax on their worldwide income, and can use the Foreign Earned Income Exclusion found on Form 2555 and the Foreign Tax Credit found on Form 1116 to reduce or eliminate their US income tax. Further to […]
The IRS announced in IR-2023-45 on March 13, 2023 that the Senate approved by a vote of 54 to 42 Danny Werfel (who replaced Charles Rettig whose term ended November 2022, and Acting Commissioner Doug O’Donnell) as the new IRS Commissioner. Werfel was a former acting IRS commissioner in 2013 who has served under both […]
IRS reminds us in Tax Tip 2023-30 that for taxpayers that cannot file their 2022 US income tax returns by the April 18, 2023 deadline they may extend their 2022 filings to October 16, 2023 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the payment […]
Huge news- The US Supreme Court on February 28, 2023 holds in a decision on Bittner, No. 21-1195 (U.S. 2/28/23)) vs. (Boyd, 991 F.3d 1077 (9th Cir. 2021)) that the $10,000 non willful FBAR Form 114 penalty is per report, not per account! The U.S. Supreme Court held Tuesday in a 5-4 decision that the […]
The IRS announced in IR-2023-22 on February 9, 2023 as a follow up from its June 23, 2022 announcement that we are now able to efile Amended Form 1040NR- U.S. Nonresident Alien Income Tax Return, that we can now also choose to direct deposit the refunds to speed them up! In the latest improvement for […]
The IRS reminds taxpayer though IR-2023-12 that for the 2022 tax filings in 2023 once again the IRS has again changed the question on the Form 1040 re ‘Virtual Currency’ dabbling, renaming it to ‘Digital Assets’ and defining what a Digital Asset is and when a taxpayer should check Yes or No! The Internal Revenue […]
The IRS explains In Tax Tip 2023-06 to parents of adopted children that taxpayers who adopted or started the adoption process during 2022 should review the rules around the adoption credit and the amount of the credit increases for qualified taxpayers. The adoption tax credit lets families who were in the adoption process during 2022 […]
The IRS announces that have until Tuesday, January 31, 2023 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements by Jan. […]
The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax […]
In IRS Tax Tip 2023-03 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction. One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to […]
