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
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