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Tax Time Guide 2024: What to know before completing a tax return

WASHINGTON — During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return. As part of its four-part,…
WXC Corporation Doral Miami
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IRS: Take care when choosing a tax return professional

WASHINGTON — The Internal Revenue Service today reminded taxpayers that carefully choosing a tax professional to prepare a tax return is vital to ensuring that their personal and financial information is safe and secure and treated with care. Most…
WXC Corporation Doral Miami
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Interest rates remain the same for the second quarter of 2024

WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded…
WXC Corporation Doral Miami
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Treasury, IRS update frequently asked questions for the Premium Tax Credit

The basics Q1. What is the Premium Tax Credit? (updated February 24, 2022) A1. The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance…
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Jan. 31 filing deadline for employers to file wage statements

WASHINGTON - With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government. Employers must file their copies…
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Taxpayers should continue to report all cryptocurrency

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…
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Treasury, IRS issue guidance on the Qualified Alternative Fuel Vehicle Credit

WASHINGTON — The Internal Revenue Service and the Department of the Treasury today issued Notice 2024-20PDF to provide guidance on eligible census tracts for the qualified alternative fuel vehicle refueling property credit and to announce…
WXC Corporation Doral Miami
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Jan. 16 due date for final 2023 quarterly estimated tax payments

WASHINGTON — The Internal Revenue Service today reminded taxpayers who didn't pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024. Taxes are normally…
WXC Corporation Doral Miami
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IRS: 2024 Flexible Spending Arrangement contribution limit rises by $150

WASHINGTON — During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans…