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Tax News

IRS Sets Sights on Business Jets: Ensuring Tax Compliance for High-Income Individuals

Got some news from the IRS that might interest you. They're getting ready to conduct audits on business aircraft to ensure they're being used in compliance with tax laws. This move is part of their ongoing efforts to improve tax compliance among...

Get More from Your "Child Care" credit!

What is the "Child Care Credit" ?

Congress has beefed up the tax credit for eligible dependent care expenses during the pandemic, but those changes have run their course. Don't fret, though. There's still plenty you can do to maximize this...

2024 Tax Season has begun

The Internal Revenue Service (IRS) has successfully inaugurated the beginning of the 2024 tax season, accepting and processing federal individual tax returns on January 29th. This initiative is aligned with the agency's ongoing commitment to...

Understanding Tax Penalties and Interest: What Taxpayers Should Know

Taxpayers who fail to file their taxes on time might face a failure-to-file penalty. Typically, this penalty amounts to 5 percent of the unpaid tax for each month or part of a month that the tax return remains overdue, reaching a maximum of 25...

IRS Rolls Out COVID-19 Penalty Relief, Aiding Millions with Back Taxes

The IRS has made a big move to help folks dealing with overdue taxes, announcing fresh penalty relief for around 4.7 million individuals, businesses, and tax-exempt groups who missed automated collection reminder notices during the pandemic.

This...

IRS Ramps Up Efforts Against Aggressive Employee Retention Credit Claims

In a concerted effort to address questionable Employee Retention Credit (ERC) claims, the Internal Revenue Service (IRS) has sent over 20,000 letters to taxpayers, informing them of disallowed ERC claims. These notifications pertain to entities that...

A new way to Shield An extra $1,000 !

Hey, guess what? The IRS just tossed in a sweet bonus for folks who hate dealing with taxes on their investments! Now you can shield an extra grand while prepping for retirement.Next year's 401(k) limit got a boost—up by 500 bucks, landing at...

Form 6765 is Getting a Makeover!

Hey there, fellow taxpayers! Big changes are coming down the pipeline from the IRS that could shake up how you handle your tax filings, specifically when it comes to Form 6765 and the Research and Development (R&D) tax credits. Buckle up because...