Did you know that taxpayers have the right to appeal an IRS decision in an independent forum. This is not just one of ten basic rights — known collectively as the Taxpayer Bill of Rights — it's the law. All taxpayers should know and understand their rights in the event they need to work with the IRS on a personal tax matter.
The Internal Revenue Service (IRS) has issued another warning to taxpayers about a new scam mail scheme that attempts to trick people into believing the government owes them money.
A recent watchdog report claims that the Internal Revenue Service (IRS) is unable to locate thousands of records that were kept at a facility in Utah, in addition to thousands of microfilm cartridges that contain millions of sensitive individual and business tax account records that were supposed to be transferred from a closed agency facility in California.
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.
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 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.
Introduction
Small businesses have a lot on their plate during tax season. From tracking expenses to filing returns, it can be a daunting process. However, with the right tools at your disposal, managing your finances can be a breeze. QuickBooks, a leading financial management software, offers a suite of tools designed to help small businesses thrive during tax season. In this blog post, we'll explore three QuickBooks tools that can help your small business succeed during this critical period.