The Education Department is introducing an updated student loan forgiveness application tailored for individuals with disabling medical conditions, aligning with recent regulatory changes to the Total and Permanent Disability (TPD) discharge program that came into effect last summer. The revamped application aims to simplify the process for disabled borrowers, incorporating crucial alterations such as expanded… Read More

This week the Internal Revenue Service (IRS), state tax agencies, and the tax industry jointly launched the 8th National Tax Security Awareness Week as part of the Security Summit. The initiative is thought to promote the safeguard against scams and protect sensitive information. IRS Commissioner Danny Werfel emphasized the need for vigilance against identity thieves… Read More

Last week the IRS issued a reminder to individuals eligible for the Recovery Rebate Credit, urging them to file their tax returns and claim the credit before the respective deadlines. The Recovery Rebate Credit is a refundable credit for those who missed out on one or more Economic Impact Payments during the COVID-19 pandemic. The… Read More

The IRS has declared 2023 as a “transition year” for a new tax reporting requirement impacting business payments received through platforms like PayPal or Venmo, or e-commerce websites like eBay, Etsy, or Poshmark. The existing limit of over 200 transactions totaling more than $20,000 for triggering form 1099-K will persist in 2023 and will reduce… Read More

Florida State Senator Jason Brodeur recently introduced a bill, SB 352, proposing a sales tax holiday for customers using virtual currencies like Bitcoin, Ethereum, and USD Coin. The holiday, slated for June 1, 2025, to July 31, 2025, would apply to purchases at fuel stations, restaurants, grocery stores, convenience stores, salons, and bars. Advocates of… Read More

Last week, the Internal Revenue Service released the annual inflation adjustments for over 60 tax provisions for the 2024 tax year, covering tax rate schedules and other changes. Key adjustments for the 2024 tax year include an increased standard deduction for married couples filing jointly at $29,200, up by $1,500 from 2023. Additionally, the Earned… Read More

The IRS is extending the use of certain technology provisions that proved beneficial during the COVID-19 pandemic. It will include accepting digital signatures indefinitely and allowing encrypted email when interacting with IRS personnel until October 31, 2025. These measures were set to expire on October 31st. Still, due to the positive feedback from tax professionals… Read More

This week the IRS has announced new contribution limits and other adjustments for retirement plans in 2024. The maximum contribution for 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan, has increased to $23,000 in 2024 from $22,500 in 2023. Additionally, the annual contribution limit for an IRA has… Read More

The IRS is cautioning taxpayers about the risks of fake charities during times of crises and natural disasters. The agency warned that fake charities often target the public by using fake websites, emails, or caller IDs that appear legitimate. IRS Commissioner Danny Werfel emphasized the importance of confirming a charity’s authenticity before donating and recommends… Read More

For Tax Season 2024, the IRS will conduct a limited-scope pilot to assess customer support and technology needs for its new Direct Filing program. The agency’s goal during this pilot is to provide this service to eligible taxpayers with straightforward tax situations and relatively simple tax returns. Taxpayers who received income from an employer; income… Read More