IRS Announces $1 Billion in Penalty Relief
The IRS has introduced a $1 billion penalty relief program to assist approximately 4.7 million taxpayers who did not receive automated collection reminders during the COVID-19 pandemic.
The IRS has introduced a $1 billion penalty relief program to assist approximately 4.7 million taxpayers who did not receive automated collection reminders during the COVID-19 pandemic.
The IRS delayed implementing new, lower reporting requirements for Form 1099-K in 2023 and announced a phased-in approach for 2024.
The IRS has delayed the new Roth catch-up contribution rule for high earners until 2026. This change provides a strategic window for retirement planning, especially as fewer than 20 percent of eligible employees still don’t utilize catch-up contributions.
Following a pause on new Employee Retention Credit claims in September, the IRS is giving businesses an option to withdraw ERC claims if there is concern about the claim’s inaccuracy.
On September 14 2023, the IRS halted all new employee retention credit claims to combat rampant tax fraud. If a business has an open ERC refund claim, they are strongly encouraged to evaluate their eligibility with a professional tax advisor.
IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina.
A more tech-savvy IRS? That’s the plan, and it’s happening soon. In the 2024 tax filing season, taxpayers will have the option to go entirely paperless with the IRS.
The deadline for claiming the Employee Retention Credit (ERC) is getting closer. If you are an eligible business or nonprofit organization, you still have time to determine your eligibility and file your claim. That time, however, will run out soon with strict filing deadlines coming up in 2024 and 2025.
The FTC recently issued a consumer alert on the five most troubling myths about investing in a new franchise. Potential franchise investors should consider these myths when evaluating potential investments.
By Charles Dean Smith, Jr., CPA | Bipartisan proposed legislation would prevent individual taxpayers from incurring federal penalties for failing to accurately calculate estimated payments for current-year tax liability when requesting tax filing extension
As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.