During a House Ways and Means Committee hearing, IRS Commissioner Danny Werfel assured lawmakers of the IRS’s ability to promptly implement changes to the Child Tax Credit once the Tax Relief for American Families and Workers Act, currently stalled in the Senate, is passed. Werfel committed to a six to 12-week timeline for implementation, emphasizing… Read More
The Florida Senate Committee on Finance and Tax has unveiled a tax relief package totaling more than $900 million for the upcoming fiscal year, aimed at benefiting families and businesses. Among its provisions, the legislation intends to lower taxes on property insurance and essential items for families and seniors, aiming to keep Florida affordable. Scheduled… Read More
The IRS has entered the public testing phase for its Direct File pilot program, expanding beyond internal trials to taxpayers in twelve states including Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming. The pilot testing will be accessible to users in the selected states during short and… Read More
To enhance customer service during tax season, the IRS has announced special Saturday hours for the next four months at specific Taxpayer Assistance Centers (TACs) nationwide. These Saturday openings from 9 a.m. to 4 p.m. on Feb. 24, March 16, April 13, and May 18 aim to accommodate individuals with busy weekday schedules. Over 50… Read More
As we approach the March 22nd deadline to apply for the ERC Voluntary Disclosure program, the IRS has spotlighted seven warning signs to help small businesses identify potentially erroneous claims, stemming from misleading information circulated by certain promoters. The warning signs include overstated quarters claimed, incorrect interpretations of government orders, erroneous calculations of employee wages,… Read More
Taxpayers who use online payment apps like Paypal or Venmo to do sales experienced a recent twist in understanding their reporting obligations, as the IRS made a last-minute adjustment to its Frequently Asked Questions (FAQs) to clarify this tax season’s requirements and beyond. In late 2023, the agency delayed the implementation of the new $600… Read More
The IRS has launched new information on its website to elucidate the Employer-Provided Childcare Tax Credit, aimed at encouraging businesses to offer childcare services to their employees. IRS Commissioner Danny Werfel emphasizes the significance of this tax credit in aiding employers to provide childcare facilities and services. The credit is intended to assist employers in… Read More
This week the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024, with a bipartisan vote of 357 to 70. The bill will now go through the vote of the Senate, with a short two-week window for discussion before the Senate’s February 12 recess. The Act encompasses tax provisions… Read More
This week, the IRS has granted tax relief to individuals and businesses in parts of Rhode Island impacted by severe storms, flooding, and tornadoes that began on September 10th, 2023. Affected taxpayers in designated areas, including Providence County, now have until June 17, 2024, to file federal individual and business tax returns and make payments.… Read More
Recently the IRS showcased its upcoming Direct File free tax preparation service, set to undergo a pilot test in twelve states starting in March. The online demonstration revealed a sophisticated tax prep system primarily tailored for taxpayers claiming the standard deduction within specific income categories. The bilingual system, available in English and Spanish, offers links… Read More