Retirement Plan
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Retirement plan distributions: IRS provides guidance on certain exceptions

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…
WXC Corporation Miami Doral
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IRS warns against scams targeting seniors

WASHINGTON — As part of continuing efforts to protect the senior community, the Internal Revenue Service today issued a warning about the rising threat of impersonation scams. These scams are targeting older adults by pretending to be government…
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IRS makes Direct File a permanent option to file federal tax returns

WASHINGTON — Following a successful filing season pilot and feedback from a variety of partners, the Internal Revenue Service announced today that it will make Direct File a permanent option for filing federal tax returns starting in the 2025…
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IRS: U.S. taxpayers living and working abroad face June 17 deadline

WASHINGTON — The Internal Revenue Service reminds taxpayers living and working outside the United States to file their 2023 federal income tax return by Monday, June 17. This deadline applies to both U.S. citizens and resident aliens abroad,…
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IRS announces extension of Free File program through 2029

WASHINGTON — The Internal Revenue Service announced today an extension of the current Free File program through 2029 following an agreement that will continue to make the free private-sector tax software available to taxpayers. The five-year…
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IRS releases final guidance for certain clean vehicle credits

WASHINGTON — The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits. The final regulations provide rules regarding the critical mineral and battery components requirements for…
WXC Corporation Miami Doral
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Missed the April tax-filing deadline? File quickly to avoid penalties and interest

WASHINGTON — The Internal Revenue Service today encouraged taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can. The IRS offers different resources to help those who may be unable to pay their tax…
WXC Corporation Miami Doral
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IRS releases final guidance on transfers of certain credits

WASHINGTON — The Department of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The…
WXC Corporation Miami Doral
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Pilot closes after 140,000 taxpayers successfully use direct e-filing system

WASHINGTON — The Internal Revenue Service announced the closure of the Direct File pilot with several hundred thousand taxpayers across 12 states signing up for Direct File accounts, and 140,803 taxpayers filing their federal tax returns using…