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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…
WXC Corporation Miami Doral
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Treasury, IRS release guidance on the prevailing wage and apprenticeship requirements

WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy…
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,…