FL - Gas and Sulfur production tax rates for 2024-2025 announced
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreThe IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. If the taxpayer is married and files a joint return, the limit rises to $600 in total. Further, IRS assured that the limit will rise in $50 increments in the coming years based on the inflation adjustments. Educators eligible to avail the deductible includes all private and public school teachers, instructors counselors, principal or aide who has worked in a school for at least 900 hours during the school year.
Educators can deduct expenses including books, supplies, equipment, COVID-19 protective items etc. However, this does not include the cost of home schooling or for nonathletic supplies for courses in health or physical education. Further, educators were advised to see Publication 970, Tax Benefits for Education. As for taxpayers qualified for an extension in lieu of disaster stricken residence area or otherwise, the deadline for filing returns is October 16,2023. Finally, the IRS urged taxpayers to file electronically and to utilize the IRS Direct Pay option.
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreOther 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 released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
Read MoreThe IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
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 […]
Read MoreThe IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
Read MoreReflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
Read MoreThe IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
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