IRS Updates
Stay on top of the most recent information from the IRS that can impact your clients.
IRS Announces Tax Inflation Adjustments for 2024
By John ManganaroThe Internal Revenue Service just posted standard deductions and other adjustments for 60-plus 2024 tax provisions.
October 20, 2023
IRS Proposes Electric Car Tax Credits for Down PaymentsThe regulations, if finalized, would allow EV buyers to put the tax credit directly toward their purchase.
October 18, 2023
4 States to Test-Run IRS Free Filing Tool in 2024Taxpayer eligibility will be limited to those with relatively simple returns, the IRS says.
October 12, 2023
Tax Gap Jumps to $688B, IRS ProjectsNonfiling, underreporting and underpayment contribute to the revised increase for 2021, the agency says.
October 12, 2023
IRS Misled Taxpayers About Free Filing Tool, Watchdog Report SaysTaxpayer interest in a Direct File tool may be overstated due to flawed survey design, according to a report.
October 05, 2023
IRS Warns of Schemes Involving Art DonationsHigh-income taxpayers must "watch out for inflated values or questionable appraisals" tied to exaggerated deductions.
October 02, 2023
New IRS Guidance Provides Money Market Fund Wash Sale ReliefThe guidance lets investors avoid "significant unwarranted tax reporting complexities" from a new SEC rule, a lawyer says.
September 27, 2023
Smaller 401(k), IRA Contribution Limit Increases Expected in 2024Inflation remains above target but far lower than earlier peaks, implying a smaller 401(k) contribution limit hike.