This week, IRS Commissioner Danny Werfel unveiled a new leadership structure for the agency, aimed at aligning with transformation goals and updating the organization chart for the first time in two decades. The restructuring includes a single deputy IRS Commissioner and four chief positions overseeing taxpayer service, tax compliance, information technology, and operations. These changes,… Read More
As a part of the ongoing efforts to combat questionable Employee Retention Credit (ERC) claims, the IRS has initiated this week the distribution of over 20,000 letters to taxpayers, notifying them of disallowed ERC claims. The disallowance primarily targets entities that either did not exist or lacked paid employees during the eligible period. IRS Commissioner… Read More
The lead financial technology company Intuit, creator of the QuickBooks platform, has announced a significant shift in its product strategy. They recently revealed plans to cease the sale of new subscriptions for specific QuickBooks Desktop products from July 31, 2024. The affected products include QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll.… Read More
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