Child Tax Credit Expansion: Tax Relief Act for American Families and Workers Act of 2024
The Tax Relief Act for American Families and Workers Act (HR 7024) successfully passed the House on January 31, 2024. It is currently awaiting consideration and potential voting by the Senate in the near future. Learn more:
Reminder: Include Form 8962 (Premium Tax Credit) with Your Federal Return if You Received a Health Insurance Subsidy
A reminder to include Form 8962 with your federal return if you received a health insurance subsidy. Learn more:
Clean Vehicle and Residential Energy Tax Credits 2024 – What To Know
There are a few things to be aware of about clean vehicle and residential energy tax credits for the upcoming 2024 filing season.
Encourage Taxpayers to Obtain an Identity Protection PIN (IP PIN) For Extra Protection
The IRS is reminding tax preparers to recommend their tax clients to sign up to get an IP PIN. Beginning last year, the IRS made this program available to all taxpayers who can verify their identity. By obtaining an IP PIN, a taxpayer can get extra protection when filing their 2023 federal tax return.
2023 IRS National Tax Security Awareness Week
This year’s National Security Awareness Week focused on ways that taxpayers and tax preparers can protect themselves from evolving scams and schemes that are designed to steal personal, financial, and tax information.
2024 Reporting Requirements Under Corporate Transparency Act
Understand the new reporting obligations under the Corporate Transparency Act starting in 2024. Find out which companies are affected and what information needs to be reported to ensure compliance.
2023 State Tax Law Changes
Most States enacted legislation in 2023 or have tax provisions that go into effect in 2023 due to legislation passed in previous years.
2024 Tax Inflation Adjustments
The IRS announced their annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction and maximum EITC.
Latest Requirements for States with Their Own Earned Income Tax Credit and Child Tax Credit
Thirty states and the District of Columbia have enacted their own version of the federal Earned Income Tax Credit (EITC). The details of each state EITC requirements are explained below.
Also, six states have enacted their own version of the federal Child Tax Credit. Of these six states, all but one also has an EITC. The details for each state are explained below.
Employee Retention Credit
Over the past few months, you may have seen information in the media about the Employee Retention Credit and the most recent news that the IRS has stopped processing any new claims for this credit due to the high incidence of questionable claims being submitted to the IRS.