Business Tax Account now available for Corporate Designated Officials; Income Verification Express Service open to designated officials and sole proprietors
https://www.irs.gov/newsroom/business-tax-account-now-available-for-corporate-designated-officials-income-verification-express-service-open-to-designated-officials-and-sole-proprietors
Congress Passes Federal Disaster Tax Relief Act
The U.S. Senate recently unanimously passed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), designating a series of presidentially-declared disasters as qualified disaster events. The bill will now be sent to President Joe Biden for his signature. The legislation designates that hurricanes including Ian, Idalia, Nicole, Fiona, Debby, Helene and Milton should be […]
IRS takes steps to help prevent refund delays by accepting duplicate dependent returns with an IP PIN for 2025 filing season; taxpayers encouraged to sign up soon for IP PIN, Online Account
https://www.irs.gov/newsroom/irs-takes-steps-to-help-prevent-refund-delays-by-accepting-duplicate-dependent-returns-with-an-ip-pin-for-2025-filing-season-taxpayers-encouraged-to-sign-up-soon-for-ip-pin-online-account
Interest rates decrease for the first quarter of 2025
https://www.irs.gov/newsroom/interest-rates-decrease-for-the-first-quarter-of-2025
Donations of Qualified Intellectual Property: The Potential for an Extra Boost to the Bottom Line
By: Joel Busch, CPA, JD, MST When it comes to the reasons behind a charitable donation by a business, the non-tax drivers normally take center stage – from the altruistic goals of the company to the potential public relations benefits it affords them. However, the tax benefits of a donation by a business often will […]
Federal Tax Treatment of Casualty Losses From Federally Declared Disasters
By: Emily D. Cokeley, Ph.D., CPA, and Shelby Follis, CPA Recent events in middle and east Tennessee have prompted the president to declare federal disasters. Such disasters could arise from fires, floods, storms, and other natural or man-made disasters, but at the time of publication, Tennessee has had two federally declared disasters in 2024: severe […]
IRS announces tax relief for victims of Tropical Storm Helene in Tennessee; various deadlines postponed to May 1, 2025
https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-tropical-storm-helene-in-tennessee-various-deadlines-postponed-to-may-1-2025
IRS Issues Final Regulations To Modernize Process for Sale of Taxpayers’ Property
The IRS recently issued final regulations (T.D. 10011) intended to modernize the process for the government’s sale of taxpayers’ property after its seizure by levy. Proposed regulations (REG-127391-16) were issued in October 2023. In the preamble to the proposed regulations, the IRS wrote that the regulations under Sec. 6335 had not changed substantially since they […]
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
IRS releases tax inflation adjustments for tax year 2025
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025