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WASHINGTON — The Internal Revenue Service today encouraged taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time. While most taxpayers get a refund after filing their taxes, many also find they unexpectedly owe taxes. This can be due […]
WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates: 8% for overpayments (payments made in excess of the amount […]
If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. For more information on how to qualify see Publication 5866, New Clean Vehicle Tax Credit Checklist PDF. At the time of sale, a seller must give you […]
WASHINGTON — As the Internal Revenue Service intensifies work on the Employee Retention Credit, the agency today shared five new warning signs being seen on incorrect claims by businesses. The new list comes from common issues the IRS compliance teams have seen while analyzing and processing ERC claims. The new items are in addition to […]
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. At the same time, Treasury and IRS issued […]
WASHINGTON — The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack aimed at car dealers, the IRS is warning individuals and businesses to remain vigilant against these attacks. […]
WASHINGTON — The Internal Revenue Service today highlighted a number of options available to help taxpayers who missed the April deadline to file their 2023 federal income tax return. To help struggling taxpayers, the IRS has important payment programs that can help those who have trouble paying the amount owed and special first-time penalty relief […]
WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy incentives, enacted as a part of the Inflation Reduction Act (IRA). The IRA provides increased credit or deduction amounts for […]
WASHINGTON – The Internal Revenue Service today issued Notice 2024-55PDF, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024. […]
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