by admin | Jun 28, 2023 | Uncategorized
The IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in any jurisdiction, as the Department of the Treasury and the IRS are aware that...
by admin | Jun 28, 2023 | Uncategorized
The IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be eligible for expanded home energy tax credits as stipulated by the Inflation Reduction Act of 2022. The...
by admin | Jun 28, 2023 | Uncategorized
The IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for reporting changes that take effect in 2023. The IRS has reminded entrepreneurs that with...
by admin | Jun 28, 2023 | Uncategorized
The IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is...
by admin | Jun 28, 2023 | Uncategorized
The IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses to avoid undue hardship when the taxpayer must delay full payment of a...
