For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit amount is $8,046, an increase from $7,830 for tax year 2024. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs. Read more here
The IRS's heightened focus on Schedule C filings has led to an uptick in scrutiny, particularly regarding deduction claims. Key areas to pay attention to include:
The IRS has issued an alert regarding companies misrepresenting nutrition, wellness, and general health expenses as medical care for FSAs, HSAs, HRAs, and MSAs. This alert emphasizes the strict definitions of medical expenses under tax law, which do not typically include general health and wellness costs unless they are directly related to the diagnosis, cure, mitigation, treatment, or prevention of a disease.
The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes
In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic
The Internal Revenue Service and the Security Summit partners today alerted tax professionals to watch out for a new round of filing season-related email schemes where cybercriminals pose as potential clients.
With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government.
IRS Individual Online Account: Individuals with a Social Security number or an Individual Taxpayer Identification number can log-in or sign-up for an IRS Individual Online Account to securely access information about their federal tax account, view balance and payment options, view and approve authorizations from their tax professional, view digital copies of select IRS notices and get information on their most recently filed return that includes their Adjusted Gross Income.
The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.
