Tax filing season will officially begin on Monday, Jan. 29, 2024, the Internal Revenue Service said Monday. While that will be the day that the IRS begins accepting and processing returns, we can start submitting before that date. Our software will hold the electronic return submission until IRS is ready to start processing.… Read More
https://www.cbsnews.com/amp/news/irs-tax-penalty-relief-1-billion/… Read More
Laurie wants you to know about the standard mileage rate increase For 2024 IRS has set the standard mileage rate at 67 cents per mile, which is an increase of 1.5 cents from 2023.… Read More
December 2023 client newsletter… Read More
In September the IRS announced a moratorium on processing any new ERC claims because they had received a large number of claims from “ERC Mills” who were advertising and placing robocalls using questionable representations that they could get large refunds for taxpayers. Yesterday IRS announced that they were sending over 20,000 letters rejecting some of… Read More
IRS recently issued updates for certain individual income tax items. Here are the new standard deduction amounts for 2024: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to… Read More
Laurie wants you to know the new IRS tax brackets for 2024. Tax Rate Single Filers Married Couples Filing Jointly Heads of Households 10% $0 to $11,600 $0 to $23,200 $0 to $16,550 12% $11,600 to $47,150 $23,200 to $94,300 $16,550 to $63,100 22% $47,150 to $100,525 $94,300 to $201,050 $63,100 to $100,500 24% $100,525… Read More
The IRS is cracking down on a popular small business tax break… Read More
How to be prepared for an ERC audit… Read More
Here is a list of income that is not taxed: 1. Adoption assistance If your employer provided you with paid adoption assistance, that’s nontaxable income. For 2022, the max amount is $14,890 per child. The IRS has a few rules about what qualifies as an expense, like adoption fees, court costs, and travel. 2. Alimony… Read More