Former IRS commissioners have raised concerns about tax season disruptions due to the recent layoffs of 6,000 to 7,000 IRS employees, primarily probationary hires. In recent interviews, former IRS commissioners highlighted that these laid off employees had undergone extensive training to improve taxpayer services and revenue collection. These actions could lead to longer wait times,… Read More
On February 19, Florida Gov. Ron DeSantis signaled support for eliminating property taxes, stating on social media that a constitutional amendment—requiring 60% voter approval—would be needed to make the change. While some homeowners welcome the idea, experts warn it could severely impact schools, public safety, and local governments reliant on property tax revenue. State Sen.… Read More
The IRS urges taxpayers to carefully select their tax preparers to safeguard their personal and financial information. As the agency reviews, while most preparers are reliable, some engage in fraud or identity theft. Taxpayers remain legally responsible for their returns, even when using a professional. To avoid scams, individuals should verify a preparer’s credentials, ensure… Read More
The IRS is making progress in reducing delays for tax-related identity theft victims, with processing times improving from a peak of 676 days in FY 2024 to an average of 506 days in FY 2025, according to National Taxpayer Advocate Erin Collins. A targeted effort has further cut wait times to approximately 100 days for… Read More
The IRS is introducing three pilot programs to enhance its alternative dispute resolution (ADR) processes, aiming for faster settlements, clearer communication, and increased accessibility. The programs focus on fast-track settlement (FTS) and post-appeals mediation (PAM), offering taxpayers new opportunities to resolve disputes with the IRS more efficiently. Notable changes include requiring executive approval for denied… Read More
The IRS issued a communication reminding businesses that January 31 is the deadline to file wage statements and certain information returns, such as Forms W-2, W-3, and 1099-NEC, with the federal government and provide copies to recipients. Electronic filing is now required for those submitting 10 or more returns annually, offering a faster and more… Read More
The IRS has issued a reminder that the deadline for the final 2024 quarterly estimated tax payment is January 15, 2025. This payment is crucial for individuals with income not subject to withholding—such as self-employed workers, gig economy participants, and those with investment earnings—to avoid penalties for underpayment. Taxpayers are urged to include all taxable… Read More
>Starting January 1, 2025, several key laws took effect in Rhode Island, impacting businesses and taxpayers alike. As of the beginning of 2025, Rhode Island’s minimum wage has officially risen to $15 per hour, completing a gradual increase started in 2021. Small businesses should also take note of key tax changes now in effect: the… Read More
The IRS announced that over one million taxpayers who did not claim the 2021 Recovery Rebate Credit will automatically receive payments this December, with most arriving by late January 2025. These payments, up to $1,400 per individual, target those who filed 2021 tax returns but either left the credit blank or incorrectly reported it as… Read More
The IRS has announced a 3-cent increase in the standard mileage rate for business use, raising it to 70 cents per mile starting January 1, 2025. Rates for medical, moving, and charitable purposes remain unchanged at 21 cents and 14 cents per mile, respectively. This increase means businesses can deduct higher expenses for vehicle-related business… Read More