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
The IRS has unveiled details about the Direct File pilot program for the 2024 tax season, and Florida taxpayers may be eligible to participate. The program is part of the IRS’s ongoing efforts to improve the tax-filing experience, and it will allow certain Florida taxpayers the opportunity to electronically file their federal tax returns directly… Read More
In response to the flood of ineligible claims associated with the ERC scams, the IRS has introduced a special withdrawal process to assist small businesses and organizations that are worried about the accuracy of their claims. This withdrawal option allows certain employers who have filed ERC claims but have not yet received refunds to withdraw… Read More
As a part of the battle against the COVID-19 relief fraud schemes, this week a federal grand jury in the Western District of Tennessee indicted 10 individuals from various states for their involvement in defrauding the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). They are accused of submitting false loan… Read More
This week, the Social Security Administration announced that starting in 2024 Social Security benefits will increase a 3.2%. The 71 million beneficiaries in the United States will see a rise in their payments of $59 for single retired workers, and $94 for retired couples, resulting in an average monthly payment of $1,907 and $3,033 respectively.… Read More
Shortly after the IRS imposed a moratorium on new claims for the tax credit due to a surge in fraudulent claims, Republican members of Congress are seeking explanations regarding the backlog in processing claims for the Employee Retention Credit (ERC). In a letter sent last Tuesday to the IRS Commissioner Daniel Werfel, Chairman Jason Smith,… Read More
The Internal Revenue Service has issued a reminder of the upcoming deadline of October 16th. Those taxpayers that requested an extension to file their 2022 tax return, must file their Form 1040 on or before Monday, October 16, 2023, to avoid potential late filing penalties. Certain taxpayers located in disaster areas covered by a Federal… Read More
This week, a new tax relief initiative has been introduced by the Internal Revenue Service, aimed at assisting individuals and businesses in Massachusetts and Maine who have been impacted by Hurricane Lee. Under this relief action, various tax filing and payment deadlines will be postponed until February 15, 2024. It applies to: Individuals and corporations… Read More