IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has reminded low and moderate income taxpayers that they can save more for their retirement now through Saver’s Credit. This credit is available to taxpayers who are 18 years or older and not a claimed dependent or full time student. The Retirement Savings Contributions Credit, also known as saver’s credit will help offset a part of the first $2000 that workers voluntarily contribute to their respective workplace retirement programs. Through this saver’s credit, taxpayers can even earn a special tax credit in 2024 and the years ahead. The credit also helps eligible beneficiaries of an Achieving a Better Life Experience (ABLE) account, by making a contribution to it.
The contribution deadlines vary according to their qualifying retirement credit.Taxpayers with Individual Retirement Arrangements (IRA) have until April 15, 2024 for filing their 2023 return, to set up a new IRA or even to add money to an existing IRA. Meanwhile, elective deferrals (contributions) to workplace retirement plans must be made by December 31 to a 401(k) plan, 403(b) plan, governmental 457 plan or Thrift Savings Plan (TSP) by respective qualifying persons.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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