Another burden the federal government wants to impose in the name of finding tax cheaters is the requirement to report who owns your business. While many businesses are already required to report this type of information (financial firms, large corporations), this law imposes it on the rest of us - mainly small businesses who have their business registered with the state.
Someone in the IRS finally came to their senses and decided a little more thought needed to be placed on the implementation of the new 1099-K regulations.
The IRS has announced a 5.4% inflation adjustment in its tax brackets, giving Americans a chance to increase their take-home pay. The changes are for the 2024 tax year, meaning returns filed in 2025.
Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.
For a participant who separated from service before January 1, 2024, the participant’s limitation under a defined benefit plan under section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2023, by 1.0351.
The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2024 from $66,000 to $69,000.
The latest clean vehicle FAQs explain what happens if a clean vehicle sale is cancelled or the buyer returns or sells the vehicle. Note, “placed in service” means the buyer takes possession of the vehicle.
The Internal Revenue Service announced the availability of expanded chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes.
President Joe Biden announced last week that the United States would be funding – and possibly fighting - three wars in three different parts of the world at the same time. It is an ambitious foreign policy for a president who doesn’t even seem to be able to express a coherent thought without the help of a teleprompter.
Nearly every word of Biden’s speech was untrue, including the preposterous suggestion that “American leadership is what holds the world together. American alliances are what keep us, America, safe.”
The Inflation Reduction Act change the credits available for taxpayers who purchase electric vehicles. Taxpayers may claim a credit up to $7,500 for a new clean vehicle and a credit up to $2,500 for a previously owned clean vehicle.
As part of the 2022 Inflation Reduction Act, long-term funding was provided to the IRS for the agency to transform its operations and improve taxpayer service, enforcement and technology. It also directed the IRS to study the possibility of a free, direct e-file program, which the IRS submitted in a report to Congress in May 2023.
Eco activists such as Microsoft co-founder Bill Gates have thrown their weight, and checkbooks, behind the practice of cutting down trees and burying them to address fears over carbon emissions. Gates is well known for his attempts of addressing his climate concerns—from buying up vast swaths of U.S. farmland to backing wild-card experiments such as solar geo-engineering and his latest rant is criticizing tree planting as a viable means of reducing CO2.
Oct 9 - Last week we witnessed a dramatic, historical first: A Speaker of the US House of Representatives was removed from that position by a vote from Members of that body. US Rep. Matt Gaetz was able to gather enough Republicans dissatisfied with the leadership of then-Speaker Kevin McCarthy to send him packing.
The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.