The Internal Revenue Service (IRS) has released a consumer alert, urging taxpayers to be cautious of tax scams and misinformation that led to inflated refund claims in the past tax season. The scams revolve around the Fuel Tax Credit, Sick and Family Leave Credit, and household employment taxes. Thousands of false claims have been filed, causing delays in refunds and necessitating taxpayers to provide legitimate documentation to support their claims.
The Department of Treasury and the IRS have released guidance on the tax treatment of rebates for energy efficient property and upgrades. Taxpayers receiving such rebates will not need to include these values as income on tax returns, but they should reduce the property’s basis by the rebate amount when selling. The Announcement 2024-19 further clarifies that rebates from DOE home energy programs will be treated as reductions in the purchase price.
Updated FAQs have been made available, April 2024, which provide comprehensive details about the tax credits for clean vehicles. These include new, previously owned, and qualified commercial clean vehicles.
Anna Marie's Alliance, a domestic violence shelter, has broken ground on the final phase of its multi-year expansion project, aiming to convert its dormitory-style living quarters into apartment-like units, with the renovation completion expected by the end of 2024.
Beneficial Ownership Information (BOI) access is set to be phased in this spring 2024. As we move towards a more transparent corporate landscape, it is crucial for businesses and financial institutions to understand and comply with these regulations.
Filing and paying your taxes late can lead to costly penalties and interest. It's crucial to understand these implications to avoid any financial shocks.
A work-life referral (WLR) program is an employer-funded fringe benefit that provides WLR services to eligible employees. These services assist employees with identifying, contacting, and negotiating with life-management resources for solutions to personal, work, or family challenges.
Still need to file for 2023? Taxpayers with an Adjusted Gross Income (AGI) over $79,000 can utilize the IRS's Free File Fillable Forms. This option is best for those comfortable with following IRS form instructions and publications when preparing their own taxes.
Before making a donation, potential donors are advised to ask for the fundraiser's charity name, website, and mailing address to independently verify its authenticity. The IRS also suggests using the special IRS Tax-Exempt Organization Search tool to verify if an organization is a legitimate tax-exempt charity.
The Internal Revenue Service has made recent improvements to the 'Where's My Refund?' tool on IRS.gov, providing taxpayers with more comprehensive information about their refund status. The tool now provides IRS confirmation of receipt, approval of the tax refund, and the issuing date of the approved tax refund.
The IRS Commissioner, Danny Werfel, advises taxpayers to be cautious of aggressive marketing around the Offer in Compromise (OIC) program. He emphasizes that while the program is legitimate, it's not for everyone and there are specific requirements needed to qualify.
A new analysis from the U.S. Department of the Treasury and the IRS reveals that the Inflation Reduction Act (IRA) could potentially increase revenue by $561 billion over 2024-2034, a significant increase from previous estimates. If IRA funding is renewed, estimated revenues could reach as much as $851 billion.
The idea of a four-day work week is gaining traction in the corporate world, with companies reporting increased efficiency and positive impacts on staff well-being.
This detailed analysis of Employee Stock Ownership Plans (ESOPs) provides key insights into their financial and tax implications for businesses and their employees. It delves into their potential for charitable giving, the strategic role of Qualified Replacement Property (QRP), and the importance of IRS compliance in ESOP structures.
