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IRS announces relief for taxpayers affected by attacks in Israel
Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment (COLA) for Social Security benefits for 2024.
IRS reduces fee for PTINs, updates Tax Pro Accounts
The IRS issued rules to reduce the fee to obtain or renew a preparer tax identification number to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for its online self-service portal for tax professionals.
Special per diem rates for business travel rise
The rates, which taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home, are higher since Oct. 1, 2023, under Notice 2023-68.
IRS to modernize regs. for tax sales of seized property
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
