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The IRS’s $1 Billion Tax Penalty Amnesty: Cheers to a Fresh Start! In a surprising move aimed at helping those grappling with back taxes, the Internal Revenue Service (IRS) has just unveiled an exciting new penalty relief program. Approximately 4.7 million individuals, businesses, and tax-exempt organizations are in for some good news. If you didn’t …
Overview of 2024 IRS Cost-of-Living Adjustments The Internal Revenue Service (IRS) has released the updated cost-of-living adjustments for 2024, affecting both retirement plan and health and welfare benefit plan limits. Below are charts detailing these new limitations. Retirement Plan Limitations Retirement Plan Limitation 2023 Limit 2024 Limit 401(k) and 403(b) Employee Contribution Limit $22,500 $23,000 …
IRS Raises Underpayment Penalty to 8%: What Gig Workers Need to Know The IRS Penalty for Underpayments Triples to 8% – Gig Workers and Consultants Beware! In a surprising turn of events, the Internal Revenue Service (IRS) has significantly increased its penalty for tax underpayments, soaring from 3% just two years ago to a whopping …
Major Change in Tax Reporting for Digital Business Transactions Hey there, digital entrepreneurs and side hustlers! Are you part of the dynamic world of online business, receiving payments through platforms like PayPal, Venmo, eBay, Etsy, or Poshmark? If yes, then you’re in for some crucial tax-related news from the IRS that’s about to make your …
IRS Interest Rates: What’s Staying the Same in 2024 Exciting news from the IRS world: Interest rates are holding steady as we dive into 2024! Here’s a fun breakdown of what that means for everyone from individuals to big corporations: For the Individual Taxpayer: You’re looking at a constant 8% annually for both overpayments and …
Overview of the New Withdrawal Process for Employee Retention Credit Claims The Internal Revenue Service (IRS) has recently released guidelines on the withdrawal process for claims related to the Employee Retention Credit (ERC). This comes after the numerous amendments and updates to the credit, which have left many employers uncertain about the status of their …
Key Provisions and Impacts of the CTA The much-anticipated Corporate Transparency Act (CTA) will be in full swing starting January 1, 2024. This act introduces fresh federal filing protocols for the majority of corporations and limited liability companies (LLCs) established in 2024 and beyond. Designed to deter illicit activities like money laundering and tax evasion …
The Gift Tax: IRS Rules Quick review: The gift tax applies when you transfer assets to someone without getting the full value in return. If the value of your gift exceeds the yearly limit, it might require you to submit a gift tax return. However, filing doesn’t always translate to owing taxes on that gift. …
The inflation and recession relationship In the vast landscape of economic phenomena, two terms often dominate discussions: inflation and recession. While they may seem distinct, their interplay significantly influences global financial dynamics and everyday life. Inflation, the steady rise in the general price of goods, erodes the purchasing power of money, subtly taxing consumers without …
Hey there, fellow CPA nerds! We’ve got a question that might have crossed your mind while crunching numbers: Do nonprofits in Michigan have to file a tax return since they don’t owe tax? Well, the answer might surprise you, but it’s a resounding yes! So, grab your pocket protectors, and let’s dive into the fascinating …
