Second Part of ERC Withdrawal Process “Soon” – Werfel
The Internal Revenue Service is still working on the details of how it is going to help taxpayers that may […]
Read More
Form 1099-K Reporting Threshold Delayed for TPSOs for 2023, Notice 2023-74; IR-2023-221; IRS Fact Sheet FS-2023-27
The IRS has announced that calendar year 2023 would continue to be regarded as a transition period for enforcement and administration of the de […]
Read More
IRS Releases 2024 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts, IR-2023-208; Rev. Proc. 2023-34
The IRS has released the annual inflation adjustments for 2024 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. […]
Read More
2024 Inflation Adjustments for Pension Plans, Retirement Accounts Released, Notice 2023-75; IR-2023-203
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 […]
Read More
IRS Reminds Eligible Previous Years’ Non-Filers to Claim Recovery Rebate Credit, IR-2023-217
The IRS reminded taxpayers who may be entitled to claim Recovery Rebate Credit (RRC) to file a tax return to claim their credit before the April-May, 2024 […]
Read More
Goals For 2024 Filing Season Outlined, FS-2023-25
The Internal Revenue Service is looking to improve its customer service metrics as well as improve its technology offerings in […]
Read More
IRS Launches Business Taxpayer Accounts, Allows Online Notice Responses
The Internal Revenue Service announced the launch of the first phase of rolling out business taxpayer accounts, as well as enable taxpayers to respond to notices online. In an […]
Read More
Social Security Wage Cap and Benefit Amounts Increase for 2024, Social Security Fact Sheet: 2024 Social Security Changes; Social Security Announces 3.2 Percent Benefit Increase for 2024
For 2024, the Social Security wage cap will be $168,600, and social security and Supplemental Security Income (SSI) benefits will increase by 3.2 percent. These changes reflect cost-of-living adjustments to account for inflation. Wage Cap for Social Security Tax […]
Read More