Tax Updates 3/4

Feb 21

IRS Launches Sweeping Audits on Business Jet Usage to Enhance Tax Compliance

IRS audits will scrutinize whether the use of jets is accurately allocated between business and personal purposes for tax considerations.

Feb 21

IRS Hosts Free Webinar on Reporting Digital Asset Income: A Must-Attend for Tax Professionals

A free webinar on Thurs., Feb. 22, at 2 p.m. ET, will delve into reporting income from digital assets.

Feb 20

Tax Relief for Michigan Residents Affected by Severe Storms and Flooding

Individuals and businesses in parts of Michigan impacted by severe storms, tornadoes, and flooding have until June 17 to file returns.

Feb 13

IRS Issues Warning Signs for Questionable Employee Retention Credit (ERC) Claims

Warning signs to help small businesses identify possible issues with their Employee Retention Credit claims ahead of a key March deadline.

Feb 13

Some West Virginia Deadlines Postponed Due to Severe Storms

Tax relief measures for individuals and businesses affected by severe storms, flooding, landslides, and mudslides in parts of West Virginia.

Feb 13

Determine Eligibility for Employer-Provided Childcare Tax Credit

New IRS website aims to assist employers in defraying expenses related to qualified childcare expenditures.

Feb 12

Be Aware of EFIN Scam Emails

Scammers are pretending to be tax software providers, tricking tax pros into handing over their Electronic Filing Identification Number.

Feb 12

Premium Tax Credit FAQ Update

Important updates to the FAQs on the Premium Tax Credit used for buying health insurance through the marketplaces established by Obamacare.

Feb 7

IRS Updates FAQs for Form 1099-K: What You Need to Know

Revised FAQs for Form 1099-K, focusing on Payment Card and Third Party Network Transactions, provide clarity for tax professionals.

Feb 6

IRS Grants Tax Relief to Maine Residents Affected by Severe Storms

IRS has announced significant tax relief measures for individuals and businesses in parts of Maine impacted by severe storms and flooding.

Jan 31

Upcoming Employee Retention Credit Webinar by IRS on Feb. 8: Updates on Voluntary Disclosure Program and Moratorium to be Provided

On Thursday, Feb. 8 at 2 p.m. EST, the Internal Revenue Service will be hosting a free ERC Voluntary Disclosure Program webinar.

Jan 31

February 15 Deadline for Disaster Victims with Extensions to File 2022 Returns in 8 States and 2 Territories, According to IRS Reminder

The IRS issued a reminder to individuals in disaster areas who were granted an extension to file their 2022 tax returns.

Jan 30

New Tax Deadlines for Rhode Island Individuals and Business Affected by Natural Disasters

The IRS has announced tax relief for individuals and businesses in parts of Rhode Island.

Jan 30

Deadline for Employer Wage Statements

Employers are reminded by the Internal Revenue Service that the deadline for filing Forms W-2 and other wage statements is January 31.

Jan 26

IRS News Roundup for the Week of Jan. 22, 2024

The IRS has been busy announcing tax law updates. Here's a quick roundup of the week's tax topics affecting tax pros and their clients.

Jan 10

A Due Diligence Checklist for Tax Preparers

Meeting due diligence standards is not just about avoiding penalties; it's about professional integrity and great service to your clients.

Jan 9

RS Warns Tax Pros of Surge in 'New Client' Scams Before 2024 Season

IRS issues a warning to tax professionals to be cautious of a fresh wave of email scams during the filing season.

Jan 8

IRS Announces January 29 as Start of Tax Season

The IRS officially announces January 29, 2024, as the start of tax season.

Jan 5

Tax Deadlines Extended for Tennessee

The Internal Revenue Service (IRS) has announced tax relief measures for affected individuals and businesses. New deadline is June 17, 2024.

Dec 20, 2023

Required Minimum Distribution Deadlines and Tax Law Changes for 2023

Advisors: Remind pre-1951 clients of approaching year-end RMD deadlines for IRAs and retirement plans.

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