Entries by admin-wxc

,

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 paid throughout the year by withholding tax from paychecks, by making quarterly […]

,

Treasury, IRS issue guidance for the advanced manufacturing production credit

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations to provide guidance for the advanced manufacturing production credit established by the Inflation Reduction Act (IRA). The new Section 45X provides a credit for the production (within the United States) and sale of certain eligible components including solar and […]

,

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 through their FSA. For 2024, there is a $150 increase to the contribution limit for these accounts. An employee […]

,

IRS expands work on aggressive Employee Retention Credit claims

WASHINGTON — As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period […]

,

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 best for taxpayers to verify withholding early in the year, an adjustment made in the […]

,

Tax season: Get ready now to file 2023 federal income tax returns in early 2024

WASHINGTON — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return. This is the first in a series of special IRS “Get Ready” reminders to help taxpayers prepare for the upcoming tax […]

,

Saver’s Credit can help low and moderate income taxpayers to save more in 2024

WASHINGTON —The Internal Revenue Service reminds low- and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements (IRAs), […]