2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging fraud involves deceitful tax preparers misrepresenting the rules for claiming clean energy tax credits as outlined in the Inflation Reduction Act (IRA).
The IRS has identified cases where tax returns prepared by unscrupulous individuals claim ineligible clean energy credits, misleading taxpayers into believing they can offset tax liabilities. Particularly affected are those filing Form 1040, who find their returns manipulated to improperly claim credits against income tax from wages, Social Security, and retirement withdrawals. Commissioner Danny Werfel highlighted the issue, stating, “Scammers are capitalizing on the complexity of tax laws, enticing taxpayers to claim illegitimate credits. “He urged taxpayers to consult reputable tax professionals when dealing with complex credits like those for clean energy.
Under the IRA, purchased clean energy credits are subject to passive activity rules, typically restricting their use to offsetting tax from passive income. Most taxpayers, lacking passive income, are ineligible for these credits, risking future IRS compliance actions and potential penalties. Taxpayers should verify their eligibility with trusted advisors before purchasing and claiming clean energy credits. More information is available on the Inflation Reduction Act page on the IRS website.
The IRS also cautioned against other prevalent scams, including those involving the Fuel Tax Credit and Sick and Family Leave Credit. Taxpayers are encouraged to report any fraudulent schemes or preparers using Form 14242.
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]
Read MoreThe IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]
Read MoreThe IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]
Read MoreFlorida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]
Read MoreFor purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]
Read MoreThe IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]
Read MoreThe IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]
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