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Archive for the ‘2024 Tax Season’ Category.

Taxpayers: Remember, an extension to file is not an extension to pay taxes

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 pen...

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What taxpayers need to know about digital asset reporting and tax requirements

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. Taxpay...

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Time is running out: IRS encourages eligible non-filers in 2020 to claim their Recovery Rebate Credit before May 17 deadline

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....

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

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 indu...

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Here’s who needs to file a tax return in 2024

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. citize...

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Taxpayers should continue to report all cryptocurrency, digital asset income

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 ...

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IRS reminder: Jan. 31 filing deadline for employers to file wage statements, independent contractor forms

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 ...

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

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 Apri...

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Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA

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 Limita...

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

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 busines...

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Social Security wage base, COLA set for 2024

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...

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IRS provides tax inflation adjustments for tax year 2024

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, IR...

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

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 De...

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Clean vehicle credits can help car buyers pay less at the dealership

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 t...

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HSA amounts continue trend, increase again in 2024

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,...

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