Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams. IRS...
With the fall college semester approaching, the Internal Revenue Service reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loans for their employees. As part of a wider effort to promote this benefit the...
The Tax Cuts and Jobs Act (TCJA) largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who's in the White House and who has control of the House and Senate at that time. Before you start...
As the new school year begins, the Internal Revenue Service reminds teachers and other educators of the maximum educator expense deduction of $300 for out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year. This is the same limit that applied...
Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition...
IRS paperless processing initiative will eliminate up to 200 million pieces of paper annually, cut processing times in half, and expedite refunds by several weeks Paper-based processes have long hampered the IRS and frustrated taxpayers. The challenges created by paper are two-fold: taxpayers are unable...
For many people, summertime means change. Whether it's a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips...
On June 23, 2023, the IRS issued Notice 2023-37 addressing health savings accounts (HSAs) eligibility with high deductible health plans (HDHPs) after the COVID-19 pandemic relief. The notice also addressed Affordable Care Act (ACA) preventive services due to the Braidwood v. Becerra decision. HSAs Eligibility To be eligible for an HSA,...
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child...
Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee's Withholding Certificate. This form tells employers how much money to withhold from the...