The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
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Moratorium imposed on new ERC claim processing to curb abuse … Guidance issued on applicability and calculation of new corporate AMT … Long-awaited guidance provided for amortization of R&E expenditures … IRS vows new enforcement efforts aided by AI … Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
US Supreme Court will hear repatriation tax challenge
Taxpayers are appealing a Ninth Circuit holding that the tax does not violate the US Constitution’s Apportionment Clause or the Fifth Amendment’s Due Process Clause.
Fishing charter activity not engaged in for profit
The taxpayer did not show that his fishing was more than a retirement hobby, the Tax Court holds.
Falling used car prices warrant a second look at Sec. 25E incentives
New credit makes purchasing a used clean vehicle more attractive.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
IRS emphasizes strides as it presses to keep funding
Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.
No Plan B: A personal lesson about retirement readiness
A firm leader with a focus on financial planning shares a family story that shaped her thinking on the importance of retirement readiness, especially, but not exclusively, for women.
‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
13 states will participate in IRS Direct File pilot
The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.
Projected tax gap jumps to $688 billion for tax year 2021
The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.
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.
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.
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 for Social Security benefits for 2024.
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
FinCEN continues outreach on BOI reporting, may release YouTube videos
The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.
New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts
The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.
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Guidance provided for electronic filing exemptions and waivers … Location of millions of tax records uncertain, TIGTA says in IRS critique … Update on states moving ahead with PTETs … IRS issues guidance on requirements for home energy audits … Proposed regulations update, revise consolidated return regulations
Gambling losses not deductible as business expenses
Tax Court holds that the taxpayers’ gambling was not an activity engaged in for profit under Sec. 183.
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