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IRS 2024 Tax Changes
The IRS has updated tax figures for 2024 to match rising living costs. This includes changes to income tax brackets, standard deductions, and other tax-related amounts. 2024 Tax Brackets For […]
2024 Inflation Adjustments for Pension Plans & Retirement Accounts Released
The 2024 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2023 because the increase in the […]
IRS Notice on Form 1099-K Reporting for 2023 Explained
The IRS has recently pulled back on its change requiring third-party settlement organizations (TPSOs) to report transactions exceeding $600 in 2023 rather than its current limit of transactions more than […]
Required Minimum Distributions Rule Changes
The SECURE 2.0 Act of 2022 included some changes that are about to impact required minimum distribution (RMD) requirements. To explain the changes and reduce taxpayer confusion, below we explain […]
Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers
The Internal Revenue Service (IRS) is sharpening its focus on America’s wealthiest taxpayers, signaling a wave of increased audits, particularly targeting large partnerships. In light of this, it’s prudent for […]
Update on Clean Vehicle Credits
The Internal Revenue Service (IRS) has issued detailed guidance on the clean vehicle credit for both new and used clean vehicles, which is important for manufacturers, dealers, sellers, and taxpayers […]
IRS Introduces Option to Withdraw Employee Retention Credit Claims
If you own a business, we are sure you have also gotten emails, phone calls, and even texts from companies promising to help you to apply for – and receive […]
Understanding the Updated Social Security Changes for 2024
As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at […]
What You Need to Know to Prepare for IRS Crypto Compliance
Cryptocurrency owners, along with the financial experts and legal professionals who guide them, should take heed of the Internal Revenue Service’s (IRS) current efforts to ensure compliance among those involved […]
Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT)
Taxes in general can be complicated, and we wanted to break down the recent IRS update concerning corporate taxes, specifically the Corporate Alternative Minimum Tax (CAMT). What is CAMT? CAMT […]
ERC Fraud so Rampant IRS Halts Processing Claims
Last April, we discussed how the proliferation of Employee Retention Credit (ERC) scams prompted the IRS to add them to their annual Dirty Dozen list of tax scams. Now, six […]
IRS Updates Per Diem Rates for Travel Expenses
If you travel for work, take note: The IRS recently released Notice 2023-68, which has significant implications for those who frequently travel for business or work-related purposes. Understanding IRS Notice […]