The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.
The IRS has added a question about income from digital assets to four forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns.
Shorter, clearer letters to reduce taxpayer confusion; about 170 million notices sent to individual taxpayers annually
New London county has received a FEMA disaster emergency declaration which allows for the postponement of certain due dates for specific tax filings and tax payments. It also allows for the deduction of casualty losses attributable to emergency declaration within the declared area.
The Treasury Department and Internal Revenue Service today issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.
The IRS has collected $520 million in taxes owed by millionaires since mid-2023 as it continues to ramp up new enforcement initiatives that focus on high-income taxpayers, complex partnerships, and large corporations, Commissioner Danny Werfel said Thursday in a call with reporters.
The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.
The Internal Revenue Service today issued initial guidancePDF to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies.
An employee retention credit (ERC) grant is a fully refundable payroll tax credit that eligible businesses and tax-exempt organizations can claim for qualified wages paid to their employees. This credit was designed to help businesses retain their employees during periods of economic hardship during the COVID-19 pandemic. Eligible employers must meet certain criteria, such as experiencing a significant decline in gross receipts or being fully or partially shut down by a government order. The credit is claimed by amending payroll tax returns.
A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.