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 in 2023, we wrote about how many of the companies offering to help with ERC credits were scams, and how the fraud was so rampant […]
IRS Launches ERC Repayment Program Read More »
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, the highest income tax bracket of 37% applies when taxable income hits: $731,200 for married individuals filing jointly and surviving spouses, $609,350 for single individuals
IRS 2024 Tax Changes Read More »
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 cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. The SECURE 2.0 Act made some
2024 Inflation Adjustments for Pension Plans & Retirement Accounts Released Read More »
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 the changes in the RMDs for certain retirement plans and individual retirement accounts (IRAs) included in IRS Notice 2023-54. What Changed? Change in RMD Age:
Required Minimum Distributions Rule Changes Read More »
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 those within the IRS’s scope to reassess their tax filings, especially over the last three years, the typical statute of limitations for IRS audits. Scrutinizing
Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers Read More »
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 to understand. What is – and What Qualifies for – the Electric Vehicle Tax Credit? It is a nonrefundable tax credit offered to taxpayers who
Update on Clean Vehicle Credits Read More »
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 – employee retention credits. While there are legitimate reasons for some businesses to apply, many companies fell for “too good to be true” offers of
IRS Introduces Option to Withdraw Employee Retention Credit Claims Read More »
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 $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits.
Understanding the Updated Social Security Changes for 2024 Read More »
You might have heard about some changes coming to overtime pay regulations, and we’re here to break it down for you in simple terms. The U.S. Department of Labor’s Wage and Hour Division (WHD) has proposed new rules regarding who qualifies for overtime pay protection under the Fair Labor Standards Act (FLSA). What’s the FLSA
Coming Changes in Overtime Pay: What You Need to Know Read More »
Expanding into international markets can be an exciting venture for any business, offering the promise of new revenue streams and growth opportunities. However, it’s crucial to recognize that along with these potential upsides, there are also significant challenges to consider. Exploring the Benefits New Revenue Streams: One of the primary advantages of entering international markets
Navigating International Markets: Opportunities and Challenges for Your Business Read More »
The Financial Crimes Enforcement Network (FinCEN) has recently reported a noticeable uptick in state and federal payroll tax evasion, as well as workers’ compensation fraud, particularly within the U.S. residential and commercial real estate construction industries. FinCEN’s Commitment to Fighting Fraud In response to this concerning trend, FinCEN is taking proactive steps to combat fraud
Construction Sector Under the Microscope as Payroll Tax Evasion Increases Read More »
As of July 24, 2023, the Internal Revenue Service (IRS) has decided to discontinue the practice of making unannounced visits to taxpayers’ homes and businesses, except in very limited circumstances. IRS Commissioner Daniel Werfel made this announcement during a teleconference with reporters, stating that this change takes immediate effect. So, why this change, you may
IRS Ends Most Unannounced Home Visits Read More »