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IRS shares new warning signs of incorrect claims for Employee Retention Credit

The IRS recently shared five new warning signs of incorrect claims by businesses for the Employee Retention Credit. The new list comes from common issues the IRS has seen while reviewing and processing ERC claims. Aggressive promoters convinced…
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Child and Dependent Care tax credit can help offset summer day camp expenses

WASHINGTON — The Internal Revenue Service today reminded taxpayers that summer day camp expenses may count towards the Child and Dependent Care tax credit. Many working parents arrange for care of their younger children under age 13 during…
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IRS encourages people to do an end-of-summer tax checkup

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…
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Interest rates remain the same for the fourth quarter of 2024

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…
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Credits for new clean vehicles purchased in 2023 or after

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…
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IRS shares more warning signs of incorrect claims for the Employee Retention Credit

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…
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Updated guidance on required minimum distributions from IRAs, other retirement plans

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…
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IRS reminds car dealers and sellers to be aware of phishing scams

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…
WXC Corporation Miami Doral
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IRS has options to help people who missed the April filing deadline

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…