No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax–saving opportunities and get ready for reporting changes that take effect in 2023. The IRS has reminded entrepreneurs that with next year’s filing deadline nearly a year away, taxpayers still have time to identify possible tax benefits, take action to qualify for them and claim them when they file in 2024. They also have time to plan for reporting changes and even claim overlooked tax benefits from the recent past.
Further, the Service has reminded taxpayers to utilize the provisions of the Inflation Reduction Act (IRA), which can save business owners money on energy costs. Additionally, eligible employers who overlooked the Employee Retention Credit (ERC) when they filed payroll tax returns for 2020 and 2021 can still claim it by filing the form 941-X available on the IRS website. Form 941-X filers and businesses that file other types of returns can visit the IRS website for details, forms and instructions.
Meanwhile, employers who provide educational assistance programs can use them to help pay student loan obligations for their employees. Detailed information on the same, taxpayers are requested to see Publication 970. Additionally, information for employers on the employment tax treatment of fringe benefits is available here.
Further, the Service informed that certain businesses and other taxpayers may receive Form 1099-K during January 2024. For more information featuring useful tax-related tools and resources, the IRS has requested taxpayers to visit the Small business week webpage.
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
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Read MoreKPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
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Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreFlorida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
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