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 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 […]
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 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-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 […]
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. […]
