ASHINGTON — As part of this year’s Dirty Dozen tax scams, the Internal Revenue Service today warned taxpayers to watch out for promoters pushing improper fuel tax credit claims that taxpayers aren’t qualified to receive. The false fuel credit claims mark another
Taxpayers should continue to report all cryptocurrency, digital asset income
WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns.
IRS reminder to disaster victims with extensions: File 2022 returns by Feb. 15; all or parts of 8 states and 2 territories affected
WASHINGTON — The Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2022 returns that these returns are due on Feb. 15, 2024. Eligible taxpayers were those affected by various disasters that occurred between Aug. 8 and Oct. 9,
IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation
IR-2023-221, Nov. 21, 2023 WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party
FinCEN Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership Information Reporting
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number
IRS provides tax inflation adjustments for tax year 2024
IRS provides tax inflation adjustments for tax year 2024 WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure
Avoid a surprise next year; review tax withholding now before time runs out
WASHINGTON — With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax return next year. Although it’s
401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS today also issued technical guidance regarding all of the
Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer
IR-2023-59, March 27, 2023 WASHINGTON — The Internal Revenue Service today continued the Dirty Dozen series by cautioning taxpayers to avoid unscrupulous tax return preparers and provided important tips to find the right tax professional. People should be careful of shady tax
Taxpayers should hang up if tax season scammers come calling
The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However,