IRS Expands Direct File Program for 2025 Filing Season
On October 3, 2024, the IRS announced updates to the IRS Direct File Program for the 2025 tax season (Tax Year 2024). The program, which launched last year, will expand to include additional states and income types.
2024 IRS Security Summit: Safeguard Your Clients and Your Practice
The IRS its Security Summit partners are focused on helping tax professionals stay vigilant against new and ongoing threats of tax-related identity theft. This year’s Security Summit summer campaign for tax professionals highlights a series of simple actions they can take to better protect both their clients and themselves from the theft of sensitive data.
New Clean Vehicle Credit Requirements For 2024
Taxpayers who purchase a new electric or fuel cell vehicle between 2023 and 2032 may be eligible for a nonrefundable New Clean Vehicle Credit of up to $7,500. To claim this credit, taxpayers must complete Form 8936 (Clean Vehicle Credits) and Form 8936, Schedule A (Clean Vehicle Credit Amount) and include them with their federal income tax return. Note that the requirements for this credit can change each year. 2024 Changes to the New Clean Vehicle Credit To qualify for the full $7,500 credit in 2024, the following conditions must be met. If only one of these requirements is fulfilled, the credit will be $3,750: Additionally, beginning in 2024, an electric vehicle will not qualify for the credit if any of its battery components were manufactured or assembled by a foreign entity of concern (e.g., China, Russia, or North Korea). Using the Credit as a Down Payment Starting in 2024, taxpayers can transfer the New Clean Vehicle Credit to the dealer at the time of purchase and use it as a down payment for the vehicle. For more details, see IRS Tax Tip 2023-123: Clean Vehicle Credits Can Help Car Buyers Pay Less at the Dealership. Reminder of Other Provisions for the New Clean Vehicle Credit Here are additional key provisions for the New Clean Vehicle Credit: For more information, see the Clean Vehicle Tax Credit page on the CrossLink website, or the following articles on the IRS website: CrossLink Professional Tax Solutions CrossLink is the industry’s leading professional tax software solution for high-volume tax businesses. Built based on the needs of busy tax offices and mobile tax preparers that specialize in providing their taxpayer clients with fast and accurate tax returns, CrossLink has been a trusted software solution since 1989. CrossLink’s in-depth tax calculations, advanced technological features, and paperless solutions allow you to prepare the most complicated tax returns with confidence and ease while providing your customers with an unparalleled experience.
Evolving Tax Scams and Schemes Targeted at Taxpayers and Tax Preparers
The IRS has identified several new and evolving scams targeting both taxpayers and tax preparers. Here is the latest on new and/or evolving schemes aimed at tax professionals, designed to take over their computer systems or obtain their professional information.
2024 IRS Dirty Dozen Tax Scams
The IRS has released its annual Dirty Dozen list of tax scams for 2024. This list serves as a warning to taxpayers and tax preparers about various schemes, abusive tax transactions, and tax avoidance strategies. It aims to raise awareness and prevent individuals from falling victim to fraudulent practices. Below are some of the most relevant scams highlighted by the IRS this year:
Resubmission Deadline for E-Filed Individual, Corporate, and Fiduciary Returns Rejected on April 15
This article provides insight into the deadlines for resubmitting e-filed tax returns that were rejected on April 15 for individual (1040), corporate (1120), and fiduciary (1041) returns.
Maximizing Tax Deductions For Clients
In this guide, we will explore the importance of maximizing tax deductions for clients and introduce the concept of lesser-known deductions and techniques.
2024 Federal Filing Deadline and Extensions for Tax Year 2023
This guide simplifies the federal filing deadlines for 2023, including extensions for disaster-affected areas, IRA contributions, and health savings account contributions. Whether you’re filing for yourself or advising clients, this article provides a clear roadmap for meeting tax obligations in 2024.
How To Avoid Common Tax Errors
In this guide, we will discuss some common tax errors and provide tips on how to avoid them, helping you navigate the tax filing process with confidence and accuracy.
BOI Reporting: A Comprehensive Overview and Filing Guide
Discover the essential details for filing a Beneficial Ownership Information (BOI) Report. Understand the reporting requirements and learn how to comply with FinCEN regulations.