The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the maximum amount that can be deducted for state and local…
Navigating taxes in your golden years Taxpayers 65+ may be eligible for certain benefits, including a higher income threshold, a higher standard deduction and some income exempt from tax. Tax season holds a distinct significance for older taxpayers, and the…
Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims IR-2023-170: Page Last Reviewed or Updated: 15-Sep-2023 WASHINGTON — The Internal…
To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros IR-2023-169, Sept. 14, 2023 Aggressive marketing to ineligible applicants highlights unacceptable risk to businesses…
IRS Shifts Focus of Compliance Enforcement from Working-Class to Wealthy Taxpayers IR-2023-166, Sept. 8, 2023 As part of an effort to restore fairness to the tax system, the IRS has announced its plan to shift the focus of compliance enforcement…
