New IRS Rule Affects Oakland Fire VictimsLaddie Howard
A new rule being implemented for the 2024 tax year means revenue over $5,000 collected through platforms like PayPal or Venmo has to be reported. That includes payments for concert tickets, clothes and household items. CBS News contributor Javier E. David has more.Jan 28, 2025...
On October 12, 2023, the Social Security Administration (SSA) announced the 2024 Social Security Wage base increase from $160,200 to $168,600. The IRS (Internal Revenue Service) announced the 2024 cost-of-living adjustments for various retirement plan limits on November 1, 2023. Below are se...
The Internal Revenue Service (IRS) makes updates to common tax provisions and procedures for various reasons. One annual change is to ensure that certain parts of the tax code keep up with inflation. And, aside from new laws, there are other adjustments and tax process changes to be aware ...
New York University Review of Employee Benefits and Executive Compensation (Pub. #01646) – Topics found in the recent release include excessive fee litigation; ERISA fiduciary litigation; employee turnover & partial plan terminations; recent successful challenges to IRS Actions and positions; IRC Sect...
The IRS data shows that the taxpayers leaving Illinois and New York typically made about $30,000 to $40,000 more than those arriving. Of Illinois’s total out-migration, 28% of the leavers made between $100,000 to $200,000 and 23% made $200,000 or more. By contrast, the average ...
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Penalties won’t be charged on a certain number of returns if the de minimis rule applies. However, the IRS increases per information return penalties (applying to 1099s) and removes the maximum penalty in the case of intentional disregard of filing requirements. According to the IRS General...
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Replace the Base Erosion Anti-Abuse Tax (BEAT) with an "undertaxed profits rule" (UTPR) that is consistent with the UTPR in the Pillar Two rules Repeal the deduction for foreign-derived intangible income (FDII) Create a new general business credit equal to 10% of eligible expenses incurre...