Today the IRS issued a news alert regarding the employee retention credit (ERC). As the March 22, 2024, deadline nears for the ERC Voluntary Disclosure Program, individuals who mistakenly filed a claim and received payment should take note. This program enables businesses to repay only 80% of the claim amount. Taxpayers who filed a claim that… Read More
Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or Registration WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in… Read More
Last month, the IRS started sending thousands of letters to taxpayers notifying them of disallowed ERC claims. These disallowed claims involved entities that did not exist or did not actually have employees on the payroll during the period of eligibility – meaning the businesses failed to meet basic criteria for the ERC program. In addition, the IRS… Read More
The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns. The question appears at the top of Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax… Read More
The Internal Revenue Service today reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans, and noted new requirements under the law beginning in 2023. Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA… Read More
The Internal Revenue Service encourages taxpayers to check out IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax return. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can… Read More
Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such… Read More
The IRS reminds taxpayers with an extension to file as soon as possible to take advantage of special tools available on IRS.gov. Every year millions of taxpayers postpone filing their tax returns by requesting an extension. While taxes may not be the first thing to come to mind in the summertime, it is an ideal time to… Read More
Washington – The IRS issued Notice 2023-59 today regarding the requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased and how they… Read More
The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly… Read More