As part of its efforts to educate small businesses and other key stakeholders about new beneficial ownership reporting requirements, the Financial Crimes Enforcement Network (FinCEN) participated in a number of events in September. Over the past year, FinCEN has directly reached small businesses and other key stakeholder groups through hundreds of beneficial ownership events and… Read More
The Internal Revenue Service reminds taxpayers that during open enrollment season for Flexible Spending Arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. An employee who chooses to participate in an FSA can contribute up to $3,300 through payroll deductions during the 2025 plan… Read More
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2025 in Notice 2024-80, posted… Read More
The Internal Revenue Service today released the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap at $696 billion. This reflects the difference between projected ‘true’ tax liability and the amount of tax that is actually paid on time. The new tax gap projections reflect an increase…… Read More
172 million recovered from 21,000 wealthy taxpayers who have not filed tax returns since 2017 in first six months of new initiative. In the first six months of this initiative, nearly 21,000 of these wealthy taxpayers have filed, leading to $172 million in taxes being paid. The IRS in the fall of 2023 launched a…… Read More
The Internal Revenue Service today encouraged taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time. While most taxpayers get a refund after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a…… Read More
The Internal Revenue Service is continuing to expand the features within Business tax account (BTA), an online self-service tool for business taxpayers that now allows them to view and make balance-due payments. Launched last fall, BTA is a key part of the agency’s service improvement initiative funded under the Inflation Reduction Act (IRA). When fully developed,…… Read More
An educational assistance program is an employer’s written plan to provide employees with undergraduate or graduate-level educational assistance. These programs allow employers to pay student loan debt and other education expenses tax-free. Eligible expenses Educational assistance programs can help pay for: Books Equipment Supplies Tuition and other fees Qualified education loans Loan paymentsThese programs can be used to…… Read More
There are two education tax credits designed to help offset education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirementsFor both tax credits, to be eligible: The taxpayer, their spouse or their dependents must take post-high school coursework in tax year 2024. The student must have a Form 1098-T, Tuition Statement, from an eligible educational institution. There…… Read More
Following inaccurate tax advice from social media influencers can have bad consequences. Taxpayers can protect themselves from misinformation and scams by following the IRS verified social media accounts and e-news services. IRS social media platforms Visit IRS.gov to get direct links to IRS verified social media accounts. IRS has accounts on: X, formerly Twitter – Information for taxpayers, businesses, tax-exempt organizations, tax…… Read More