On July 4, 2025, the One Big Beautiful Bill Act (Public Law 119-21) was signed into law. It introduces several temporary tax deductions effective for tax years 2025 through 2028, aimed at…
Category: Tax
IRS Postpones Tax Deadlines Until Oct. 15 for Victims of Los Angeles County Wildfires
The Internal Revenue Service announced tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025. These taxpayers now have until Oct….
Eligible taxpayers can file online directly with the IRS for free
Taxpayers encouraged to try innovative new option before April 15 deadline. On March 12, the Internal Revenue Service (IRS) announced the full-scale launch of the innovative Direct File pilot and encouraged eligible taxpayers in…
IRS provides initial guidance to employers setting up emergency savings accounts for their employees
The Internal Revenue Service (IRS) has published initial guidance 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 released Revenue Procedure 2024-09 that modifies sections 7 and 19 of Rev. Proc. 2023-24 to provide procedures under § 446 and § 1.446-1(e) to obtain automatic consent of the Commissioner to…
Income taxes: 2024 Filing season – what’s 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. The Get ready page on IRS.gov outlines steps taxpayers…
Ensuring large corporations and high-income, high-wealth individual taxpayers pay taxes owed
Today the IRS announced new initiatives to ensure large corporations pay taxes owed. As these initiatives to improve compliance among high-income individuals, complex partnerships and large corporations ramp up, the IRS is…