On April 4, the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in parts of Rhode Island and Maine affected by severe storms and flooding that began on Dec….
Category: IRS
IRS enhances āWhereās My Refund?ā tool for 2024 filing season
The Internal Revenue Service (IRS) encourages taxpayers to utilize the improved “Where’s My Refund?” tool on IRS.gov to check the status of their tax refunds. This tool provides three key pieces of…
Businesses do not have to report certain transactions involving digital assets until new Treasury and IRS regulations are issued
The Treasury Department and Internal Revenue Service (IRS) issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report…
IRS provides initial guidance to employers setting up emergency savings accounts for their employees
The Internal Revenue Service (IRS) has published initial guidanceĀ to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in…
IRS modifies Rev. Proc. 2023-24 on obtaining automatic consent to change methods of accounting
The IRS releasedĀ Revenue Procedure 2024-09 that modifies sections 7 and 19 of Rev. Proc. 2023-24 to provide procedures under Ā§ 446 and Ā§ 1.446-1(e) to obtain automatic consent of the Commissioner to…
Income taxes: 2024 Filing season – whatās new and what to consider
The Internal Revenue Service (IRS) is urging taxpayers to take important actions now to help them file their 2023 federal income tax return next year. TheĀ Get readyĀ page on IRS.gov outlines steps taxpayers…
IRS increases 401(k) contribution limit to $23,000 for 2024 and IRAs to $7,000
On November 1, 2023, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS…