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IRS announces special payments going this month to 1 million taxpayers

WASHINGTON — As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax…
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Get Ready for tax season with key updates, essential tips

WASHINGTON — With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. The IRS continues to improve taxpayer…
WXC Corporation Doral Miami
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IRS increases the standard mileage rate for business use in 2025

WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain…
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Form 1099-K threshold is $5,000 for calendar year 2024

The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024…
WXC Corporation Miami Doral
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Many businesses must report beneficial ownership information

The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network. Because this…
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IRS releases tax inflation adjustments for tax year 2025

WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will…
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IRS warns of “mills” taking advantage of taxpayers

WASHINGTON — The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills”…
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IRS opens new process to help incorrect claims for the Employee Retention Credit

WASHINGTON — The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit. Third-party payers…
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Guidance on the Alternative Fuel Vehicle Refueling Property Credit

WASHINGTON — The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended the credit for qualified…