The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

Some libertarians dismiss concerns over social media companies’ suppression of news and opinions that contradict select agendas by pointing out that these platforms are private companies, not part of the government. There are two problems with this argument. First, there is nothing unlibertarian about criticizing private businesses or using peaceful and voluntary means, such as boycotts, to persuade businesses to change their practices.

The Treasury Department and IRS have issued proposed regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy.  They actually make a lot of sense.

Another burden the federal government wants to impose in the name of finding tax cheaters is the requirement to report who owns your business.  While many businesses are already required to report this type of information (financial firms, large corporations), this law imposes it on the rest of us - mainly small businesses who have their business registered with the state.  

Someone in the IRS finally came to their senses and decided a little more thought needed to be placed on the implementation of the new 1099-K regulations. 

The IRS has announced a 5.4% inflation adjustment in its tax brackets, giving Americans a chance to increase their take-home pay. The changes are for the 2024 tax year, meaning returns filed in 2025.

Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.

For a participant who separated from service before January 1, 2024, the participant’s limitation under a defined benefit plan under section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2023, by 1.0351.

The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2024 from $66,000 to $69,000.

The latest clean vehicle FAQs explain what happens if a clean vehicle sale is cancelled or the buyer returns or sells the vehicle. Note, “placed in service” means the buyer takes possession of the vehicle.

The Internal Revenue Service announced the availability of expanded chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes.

President Joe Biden announced last week that the United States would be funding – and possibly fighting - three wars in three different parts of the world at the same time. It is an ambitious foreign policy for a president who doesn’t even seem to be able to express a coherent thought without the help of a teleprompter.

Nearly every word of Biden’s speech was untrue, including the preposterous suggestion that “American leadership is what holds the world together. American alliances are what keep us, America, safe.”

The Inflation Reduction Act change the credits available for taxpayers who purchase electric vehicles. Taxpayers may claim a credit up to $7,500 for a new clean vehicle and a credit up to $2,500 for a previously owned clean vehicle. 

As part of the 2022 Inflation Reduction Act, long-term funding was provided to the IRS for the agency to transform its operations and improve taxpayer service, enforcement and technology. It also directed the IRS to study the possibility of a free, direct e-file program, which the IRS submitted in a report to Congress in May 2023.