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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…

Happy Holidays

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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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…
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…
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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.…
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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…
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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…