Inside This Issue Businesses: Review Employee Retention Credit claims by key March 22 deadline for incorrect credits; take action to avoid future issues Know the facts about receiving Form 1099-K in 2024 IRS improves Where’s My Refund? tool for 2024 What to know before completing a tax return Interest rates remain the same for the second quarter of 2024 Electronically filed returns rejected for missing Form 8962 Taxpayers impacted by […]

Some unscrupulous promoters have marketed misleading information about Employee Retention Credit eligibility rules to well-intentioned businesses. The IRS is highlighting seven suspicious signs and urging business to seek a trusted tax professional to resolve an incorrect claim while they still can without penalties or interest. There’s a deadline of March 22, 2024, for the ERC Voluntary Disclosure Program, which lets businesses who filed a claim in error and received a […]

The IRS Direct File pilot gives people an option they’ve asked for – a way to file their taxes quickly, easily, and for free directly with the IRS. It’s now available for eligible taxpayers in in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming.   The Direct File pilot is easy to use and helps eligible taxpayers: File a 2023 federal tax return […]

The IRS urges businesses to review their eligibility for the Employee Retention Credit because there’s limited time for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. Some honest businesses were misled into filing claims for the Employee Retention Credit by promoters who often misrepresented or oversimplified eligibility rules. Businesses that received the credit but don’t meet the ERC rules should consider applying for […]

WASHINGTON – The Internal Revenue Service renewed calls today for businesses to review their eligibility for the Employee Retention Credit as the agency’s law enforcement arm, Criminal Investigation (CI), begins a series of educational sessions for tax professionals. As part of ongoing IRS efforts around the pandemic-era credit, the agency continues to increase compliance activity to protect against fraud. The IRS also renewed calls for businesses and employers to review […]

WASHINGTON – 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. Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. The Jan. 31 deadline also applies to Forms 1099-MISC, Miscellaneous Income, and […]

WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. This is similar to relief already being provided in most of Florida. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). […]

Kilolo Kijakazi, Acting Commissioner of Social Security, announced 12 new Compassionate Allowances conditions: 1p36 Deletion Syndrome, Anaplastic Ependymoma, Calciphylaxis, Cholangiocarcinoma, FOXG1 Syndrome, Leber Congenital Amaurosis, Metastatic Endometrial Adenocarcinoma, Paraneoplastic Cerebellar Degeneration, Pineoblastoma – Childhood, Primary Omental Cancer, Sarcomatoid Carcinoma of the Lung – Stages II-IV, and Trisomy 9. The Compassionate Allowances program quickly identifies claims where the applicant’s medical condition or disease clearly meets Social Security’s statutory standard for disability. […]

By law, all taxpayers have the right to finality of tax matters. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights. Here’s what taxpayers should know about their right to finality: Taxpayers have the right to know: The maximum amount of time they have to challenge the IRS’s position. […]

Social Security has provided financial protection for millions of people for nearly 90 years. We pay disability benefits through two programs: the Social Security Disability Insurance (SSDI) program and the Supplemental Security Income (SSI) program. SSDI is for people with disabilities, and certain family members, if they worked long enough and recently enough to be eligible for benefits. SSI is for people who are 65 or older, as well as people of […]