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 ...
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 ...
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...
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...
The 2024 student loan interest deduction is gradually reduced if your modified adjusted gross income exceeds $80,000 ($165,000 for joint filers). Changes to the law and adjustments for inflation can affect the tax deductions you can claim from one year to the next. ...
The Budget would raise the corporate tax rate to 28% from 21%, thereby increasing the effective GILTI rate. Other changes to the Section 250 deduction for GILTI would increase the effective GILTI rate to 21%. The reduction to the Section 250 deduction would apply to tax years beginning after...
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The revision is in response to increasing scrutiny from Senate Finance Committee members and others about the tax-exempt status of college sports, tax-free tuition benefits for college employees and certain endowment practices. Among the changes include a 10-page document that all nonprofit ...
(which you get for the life of the bond) and a variable rate that changes every 6 months. Fixed and variable rates are announced every 6 months (on May 1 and November 1). The current I bond rate for bonds issues between November 1, 2024 and May 1, 2025 is 3.11%. This consists ...
1The term "Indian tribal governments" is an "applicable entity" eligible to elect to receive a direct payment from Treasury equal to the tax credit amount for an eligible energy project. As of the date of this alert, ...