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2024 Tax Brackets & Ways to Move into a Lower One
Are you unsure of your tax bracket and looking for ways to reduce your tax burden? Here are some ideas to consider. First, a primer. In the United States, our […]
New College Saving Opportunity: Converting 529 Plans to Roth IRAs
Saving for your children’s college education became much easier when 529 plans were introduced. The ability to access funds in a 529 plan without paying federal taxes, as long as […]
IRS Announces Penalty Relief for 2020 and 2021 Tax Returns and Plans to Resume Collection Notices
The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty […]
Navigating New IRS Regulations: Understanding De Minimis Error Safe Harbors
The IRS has recently finalized regulations that provide clarity and relief for businesses and individuals regarding the penalties for inaccuracies in information returns and payee statements. These final regulations, effective […]
IRS’s Aggressive Compliance Measures Bring in Over $500 Million from Millionaires
In a recent update that underscores the effectiveness of heightened compliance activities, the Internal Revenue Service (IRS) has made a significant impact on tax collection from high-net-worth individuals. Commissioner Daniel […]
What the 2024 IRS Focus Guide Means for Taxpayers in Disputes
The IRS Independent Office of Appeals has recently unveiled its 2024 Focus Guide, which could bring significant changes for anyone currently in a tax dispute or who might find themselves […]
Understanding the Supreme Court Case on Taxing Unrealized Income
Recently, the Supreme Court of the United States took up a significant case, Charles G. Moore v. United States, that could impact how certain incomes are taxed. This is especially […]
Important Update on 2024 Standard Mileage Rates and Deductions
The IRS has released its 2024 standard mileage rates for taxpayers who use their vehicles for business, medical, charitable purposes, and certain moving expenses. Understanding these changes is vital for […]
IRS Launches ERC Repayment Program
If you have received refunds through the Employee Retention Credit (ERC) and are concerned about its legitimacy, a recent development from the IRS could be good news for you. Earlier […]
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 […]