(Notice 2024-8; IR-2023-239) (Dec. 15, 2023) 2023-12-15 The standard mileage rates for 2024 are:67 cents per mile for business uses;21 cents per mile for medical uses; and14 cents per mile for charitable uses.
2023-11-01 Congress passed the CTA in December 2020, requiring disclosure of extensive information on the owners and persons in control of entities, including most private businesses with less than 20 full-time employees, and less than $5,000,000 annual gross receipts, to the Financial Crimes Enforcement Network (“FINCEN”) beginning on January 1, 2024. The CTA’s reach is very broad and will impact persons who own businesses, LLCs to hold real estate, family…
2023-11-01 The IRS continues to provide enhanced capabilities for tax professionals' online accounts, helping practitioners manage their active client authorizations on file with the Centralized Authorization File (CAF) database, which stores the information on individuals authorized to act on a taxpayer's behalf. Other enhancements put into place in September 2023 allow tax professionals to view their client's tax information, including balance due amounts. Tax Pro Account users can now also…
2023-11-01 The IRS continues to deploy enhanced capabilities for individual accounts following the May launch of virtual assistance and live chat. Taxpayers can now validate their bank accounts and save multiple accounts, eliminating the need to re-enter bank account information every time they make a payment. This feature launched at the end of September.
2023-11-01 The IRS is enabling taxpayers to submit mobile-friendly forms with the launch of the first three forms. These forms are adaptive for mobile device screen and can be submitted electronically when completed. This is also an important milestone toward the IRS goal of meeting taxpayers where they are and allowing them to interact with the IRS in the ways that work best for them. An estimated 15% of Americans…
2023-08-25 IR-2023-152 August 24, 2023 Traditionally, educational assistance programs have been used to pay for books, equipment, supplies, fees, tuition and other education expenses for the employee. These programs can now also be used to pay principal and interest on an employee’s qualified education loans. Payments made directly to the lender, as well as those made to the employee, qualify. Tax-free educational assistance program benefits are limited to $5,250 per…
2023-07-25 The IRS announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings. The change reverses a decades-long practice by IRS revenue officers, the unarmed agency employees whose…
2023-07-24 The IRS warned businesses and tax-exempt organizations to watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes also called ERTC or the Employee Retention Tax Credit. Employers should carefully…
2023-07-21 Tenant background checks, sometimes known as consumer reports, can include a variety of information, including rental and eviction history, credit, or criminal records. When you use consumer reports to screen tenants and make tenant decisions, you must comply with the Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC). Background screening reports are covered by the FCRA if they are used to help decide eligibility for…
2023-07-12 The IRS issued a final reminder to taxpayers across the country who may have overlooked filing their tax returns during the pandemic to act quickly and claim their refunds for the tax year 2019 before the July 17, 2023 deadline. The actual refund amount will vary based on a household’s tax situation. The refund will be applied to any amount owed to the IRS or the state tax agency,…