The IRS on Tuesday announced its new inflation-adjusted tax brackets for 2025, with the annual income thresholds rising by about 2.8% from 2024 — the smallest jump in several years. The IRS each fall announces inflation-adjusted changes to the tax brackets and dozens of other provisions for...
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. Davi
Other IRS tax changes 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...
Why are New York State taxes due later all of the sudden? The IRS announced that, because of the big Christmas storm that affected a lot of parts of New York State, they are pushing the tax due-date back to May 15, 2023, for affected areas. In addition, The IRS will waive the usu...
Fox Business Network's Gerri Willis, host of "The Willis Report," appeared today on "Good Morning America" to explain important changes in the tax laws. Q: The IRS processing delay will impact about 9 million filers. Just who will be affected?
Much like PPP loans, the program has been ripe for abuse, he explains, so the IRS has tried to make an example out of bad actors and set stiff penalties for fraud. “The IRS is all over this,” says Finkle, who leads Marcum’s national tax office services group and spoke at the ...
The article reports on the new payroll tax changes for small employers, announced by the U.S. Internal Revenue Service (IRS). Specifically, those employers with an annual employment tax liability of $1,000 or less are qualified to process the annual federal tax return Form 944 instead of ...
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 annualadjustments to account for inflation. These adjustments are good for taxpayers, because they increase the value of several tax breaks and/o...
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...
Tax Administration as Inquisitorial Process and the Partial Paradigm Shift in the IRS Restructuring and Reform Act of 1998 The tax code is a puzzle. Whether one views it as an engaging enigma or a ridiculous riddle, the tax code requires careful and considered attention to fit the s Bryan Cam...