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
A recent federal court decision has temporarily blocked the enforcement of the Corporate Transparency Act (CTA), a law requiring businesses to report detailed ownership information to FinCEN. The Eastern District of Texas issued a preliminary injunction following a lawsuit by the National Federation of Independent Business, deeming the CTA likely unconstitutional. In response, FinCEN announced… Read More
The IRS and its Security Summit partners are cautioning taxpayers to stay alert during the holiday season as scammers ramp up efforts to steal personal and financial information. Announced during the ninth annual National Tax Security Awareness Week, the warning highlights evolving threats such as phishing emails, fake delivery notices, and fraudulent messages claiming to… Read More
The IRS announced a significant update to streamline tax filing and prevent refund delays for the 2025 tax season. Taxpayers can now e-file returns that include dependents already claimed on another return, provided they include a valid Identity Protection Personal Identification Number (IP PIN). This change will benefit filers claiming credits like the Earned Income… Read More
The IRS announced a free webinar on November 19, 2024, at 2 p.m. ET to assist businesses with the Treasury’s Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act. Companies formed before January 1, 2024, must e-file their BOI by January 1, 2025, detailing ownership and control information,… Read More
The IRS has announced key changes for retirement contribution limits in 2025, increasing the 401(k) cap to $23,500, a $500 rise from 2024, while maintaining the IRA limit at $7,000. Income thresholds for IRA deductions, Roth IRA contributions, and the Saver’s Credit have also been raised, allowing more individuals to qualify. For those 50 and… Read More
The IRS advises all taxpayers to enhance their identity security for the 2025 tax season by signing up for an Identity Protection PIN (IP PIN). This six-digit number adds a layer of protection against tax-related identity theft by ensuring that only the rightful taxpayer, identified through the IRS Online Account, can file using their Social… Read More
The IRS has announced inflation adjustments for the tax year 2025, which will impact tax returns filed in 2026. Key changes include an increased standard deduction of $15,000 for singles, $30,000 for married couples filing jointly, and $22,500 for heads of household. Tax bracket thresholds and alternative minimum tax exemptions are adjusted, while the top…… Read More
The IRS has announced comprehensive tax relief for individuals and businesses in all 51 counties of Florida impacted by Hurricane Milton, extending filing and payment deadlines to May 1, 2025. This includes six newly affected and 20 counties previously covered under Hurricane Debby. Taxpayers can delay filing 2024 federal tax returns, 2023 returns with valid…… Read More
In response to Hurricane Helene, the IRS has extended tax filing and payment deadlines to May 1, 2025, for affected individuals and businesses in various disaster areas, including 41 counties in Florida. This relief applies to tax filings and payments originally due from September 23, 2024, through May 1, 2025, including 2024 tax returns, 2023…… Read More