The IRS is launching the Simple Notice Initiative, a comprehensive effort aimed at simplifying and clarifying the approximately 170 million letters sent annually to individual taxpayers. As a part of the larger IRS transformation, funded by the Inflation Reduction Act, this initiative will focus on redesigning common notices to enhance clarity and understanding, with an… Read More

The Biden administration is expediting its student loan forgiveness plan for certain borrowers through the Saving on a Valuable Education (SAVE) repayment program. The fast-tracked provision aims to cancel debts for eligible borrowers starting next month, benefiting the 6.9 million enrolled in SAVE. While the relief is automatic for those already enrolled in SAVE, some… Read More

The Chairs of the Senate Finance Committee and the House Ways and Means Committee jointly released a bipartisan framework for proposed tax legislation, introducing various changes to the tax code. The new proposal, named “The Tax Relief for American Families and Workers Act of 2024”, mainly aims to restore bonus depreciation, terminate the Employee Retention… Read More

As tax season approaches, the IRS also issued a reminder of the January 31 deadline for employers to submit wage statements and forms for independent contractors to the government. Employers must file copies of Form W-2 and Form W-3 with the Social Security Administration by this date. The deadline also applies to Forms 1099-MISC and… Read More

The IRS has officially announced January 29, 2024, as the commencement date for the 2024 tax season, marking the beginning of the acceptance and processing of 2023 tax returns. They anticipate receiving over 128.7 million individual tax returns by the April 15, 2024, deadline. While the agency will officially start accepting returns on January 29,… Read More

Florida will have a second Back To School Sales Tax Holiday starting next Monday, January 1st. The initiative, which will be active for two weeks until January 14th, exempts sales tax on various items, including clothing, school supplies, and personal computers. Scott Shalley, President and CEO of the Florida Retail Federation, anticipates it will boost… Read More

A recent report released by the Treasury Inspector General for Tax Administration indicates that the IRS is unlikely to meet the Treasury Department’s target of scanning millions of tax returns by year-end, having scanned fewer than 35,000 Form 1040 returns by June. Even though the agency has been pilot-testing different scanning technologies to meet the… Read More

The IRS has announced new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations who did not receive automated collection reminder notices during the pandemic. The relief, totaling around $1 billion, primarily benefits those earning under $400,000 annually. To assist affected taxpayers, the IRS will issue special reminder letters starting next month, providing… Read More

In a new effort to counter misleading practices related to erroneous claims of the Employee Retention Credit (ERC), this week the IRS introduced a Voluntary Disclosure Program. The program, active until March 22, 2024, allows businesses to voluntarily return money received after filing incorrect ERC claims and offers an 80% repayment option. IRS Commissioner Danny… Read More

Florida Governor Ron DeSantis has presented a $114.4 billion budget for the next fiscal year, titled the “Focus on Florida’s Future Budget,” featuring tax cuts and allocations for teacher salary increases and police recruitment bonuses. The budget, a decrease from the current year’s $119.1 billion, emphasizes tax breaks, environmental initiatives, transportation projects, property insurance, law… Read More