New IRS/Treasury Guidance on the Production Tax Credit for New Nuclear FacilitiesMary Anne Sullivan
Which 2024 tax deductions changed? While there are no new tax deductions for 2024, there’s still a handful of changes to 2024 tax deductions stemming from the IRS’s annual adjustments to account for inflation. These adjustments are good for taxpayers, because they increase the...
Some taxpayers may get a break next year on their taxes thanks to the annual inflation adjustment of tax brackets set by the IRS.The tax agency hasn't yet announced the new brackets for 2024, but that is likely to come within the next days or weeks, according to Steve Grodnitzky of ...
With the war in Afghanistan in full swing, the passage of The Military Family Tax Relief Act created a number of provisions to ease restrictions for military members on tax credits available to them and an extension by the IRS of its three-year period for amending a tax return. The act ...
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PayPal, Venmo and Cash App to report commercial transactions over $600 to IRS Americans for Tax Reform President Grover Norquist discusses the impact of third-party payment processor apps reporting transactions over $600 to the IRS. In a memo this week, the NATP slammed the rule as "overly...
New W-4 form 2024: ChangesSo, what’s new with the 2024 W-4 form? Not a whole lot. But, there are a few changes you should know about:The IRS provides a tax withholding estimator for workers who have self-employment income (or if their spouse has self-employment income) The amount...
The agencyadjustedmany of its 2023 tax rules to help taxpayers avoid "bracket creep." That's when workers get pushed into higher tax brackets due to the impact of cost-of-living adjustments to offset inflation, despite their standard of living not having changed. On average, the IRS pushed ...
The proposal would be effective for tax years beginning 31 December 2023. Retroactive QEF elections The Budget would permit a taxpayer to retroactively elect to treat a PFIC as a QEF without IRS consent, in certain circumstances. This expanded availability of retroactive QEF elections is intended t...