Time to Prepare for Tax Filing

November 29, 2024
Each year, the IRS publishes guidance to encourage taxpayers to prepare for the upcoming filing season. Each taxpayer should consider his or her potential credits, deductions and tax refunds...

Parents Protect Children and Teens With Good Online Security

November 22, 2024
The Internal Revenue Service (IRS) reminds parents to urge their children and teens to protect personal and financial information. The IRS Security Summit offers tips to parents during National Cybersecurity Month...

IRS Highlights IRA Gifts

November 15, 2024
On November 14, 2024, the Internal Revenue Service (IRS) explained that traditional IRA owners could make up to $105,000 in tax-free charitable donations this year through qualified charitable distributions (QCD)...

How to Make an IRA Gift To Charity

November 8, 2024
Each year the Internal Revenue Service (IRS) reminds owners of traditional IRAs who are over 70½ that they may make a charitable gift from a traditional IRA. The IRS refers to an IRA charitable rollover gift as a qualified charitable distribution (QCD). An added benefit for those who are age...

Happy Holidays For Fraudsters and Scammers

November 1, 2024
In IR-2024-283, the Internal Revenue Service (IRS) reminded taxpayers to be cautious about fraudsters during the holiday season...

How to Claim a 30% Home Energy Credit

October 25, 2024
On October 24, 2024, the Internal Revenue Service (IRS) released guidance on energy-efficient home improvement credits. The IRS explained the qualifications and rules for improving your home and making it more energy efficient...

Hurricane Milton Relief - IRS Warning About Disaster Scams

October 18, 2024
The Internal Revenue Service (IRS) announced recently that there will be tax relief for 51 counties in Florida. Many of the counties previously qualified for relief under Hurricane Helene, but at least six additional counties and other locations are included in the new relief...

IRA Required Minimum Distributions By December 31

October 11, 2024
Each year the Internal Revenue Service (IRS) reminds taxpayers over age 73 that they should take a required minimum distribution (RMD) by December 31...

30 Million Potential 2025 Direct File Users

October 4, 2024
The Internal Revenue Service (IRS) announced that there are 24 states participating in the Direct File program for the 2025 Filing Season...

Plan Ahead for End-of-Year Gifts in 2024

September 27, 2024
October is an excellent month to consider plans for end-of-year charitable gifts. These gifts could include an IRA charitable rollover, a gift of cash or a gift of appreciated land...

Benefit in 2024 With An IRA Charitable Rollover

September 20, 2024
Each year, traditional IRA owners of age 73 and older must take a required minimum distribution (RMD). In nearly all cases, the RMD is calculated using the Uniform Table. Under the Uniform Table, distributions generally commence at age 73 at approximately 3.8% and increase each year based on the age...

Enhanced IRS Taxpayer Support

September 13, 2024
On September 6, 2024, Treasury Secretary Janet Yellen spoke to the Internal Revenue Service (IRS) staff in Austin, Texas. Yellen praised the IRS staff for the improvements in taxpayer services. She started by noting, "Filing taxes, claiming credits and deductions, and getting refunds should be easy. But for too long...

September is Peak Hurricane Season

September 6, 2024
With the peak hurricane season in September, the Internal Revenue Service reminds taxpayers to protect their tax and financial records...

End-of-Summer Tax Checkup

August 30, 2024
On August 27, the Internal Revenue Service (IRS) reminded taxpayers to use this end-of-summer opportunity to review their withholdings or tax payments. The IRS recognizes that most taxpayers receive a refund during the filing season...

Teachers Return To School and Deduct $300

August 23, 2024
As teachers return to the classroom, the Internal Revenue Service (IRS) reminds educators they should consider the deduction for classroom expenses. During the next few weeks, both parents and teachers face back-to-school expenses...

Direct File Available in 18 States Next Year

August 16, 2024
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently announced that Connecticut and Maine will be the 17th and 18th states to join the 2025 Direct File program...

Energy Credits Reduce Summer Electric Bills

August 9, 2024
Over 3.4 million taxpayers have benefited from $8.4 billion in energy credits. As August air-conditioning bills mount, many homeowners are considering residential energy investments for home improvements...

Protect Your Clients & Yourself with IP PINs

August 2, 2024
The Internal Revenue Service (IRS) Security Summit partners reminded taxpayers they can be protected against tax-related identity theft with an IRS Identity Protection PIN. These PINs are a strong defense against identity thieves. You can obtain an IP PIN through your IRS Online Account...

Identity Theft Red Flags

July 26, 2024
In a special series, the Internal Revenue Service (IRS) and its Security Partners have published several articles to assist tax preparers in helping their clients avoid identity theft...

Phishing, Spear Phishing and Whaling

July 19, 2024
The Internal Revenue Service (IRS) is conducting Nationwide Tax Forums sponsored by the Security Summit in five different cities this summer. The four remaining forums are July 30 in Orlando, August 13 in Baltimore, August 20 in Dallas and September 10 in San Diego...