With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. The IRS continues to improve taxpayer services to help people prepare for tax season with more digital tools and options available. The IRS encourages taxpayers… Read More
The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible costs of operating vehicles for business,… Read More
The Internal Revenue Service today reminded those aged 73 and older of the deadline to take Required Minimum Distributions from Individual Retirement Arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act. Required Minimum Distributions (RMDs) are amounts that many retirement plan and IRA account owners must withdraw annually. These withdrawals… Read More
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