Recent Tax Updates
Recent Tax Updates
Reminder: Protect Taxpayers with an Identity Protection PIN (IP PIN)
Tax preparers should encourage their clients to sign up for an Identity Protection PIN (IP PIN) to safeguard their federal tax returns. The IP PIN is available to all taxpayers who can verify their identity and provides an extra layer of protection against identity theft.
Electronic Filing of Returns with Duplicate Dependents: New Updates for the 2025 Filing Season
Starting with the 2025 filing season (for 2024 federal income tax returns), the IRS will allow taxpayers to electronically file a return that includes a dependent already claimed on another 2024 federal return, provided the primary taxpayer has an Identity Protection PIN (IP PIN).
What’s New with the IRS Business Online Account?
The IRS has expanded its business online account services, now allowing more business entities to participate and introducing new features to enhance accessibility and functionality.
IRS Releases Tax Inflation Adjustments for Tax Year 2025
The IRS has announced the annual inflation adjustments for federal tax provisions for tax year 2025. Below are some key adjustments:
Deadline Approaching: Beneficial Ownership Report Filing Required by January 1, 2025
Corporations, limited liability companies, and certain other businesses existing as of January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
2024 State Tax Law Changes
Here is a brief description of the tax provisions that go into effect in 2024 for States that had changes:
Tax Updates 2021
2021 National Cyber Security Awareness Tips
As the 2022 filing season approaches, the IRS, states, and tax industry are warning taxpayers and tax preparers to remain vigilant due to the constantly evolving threats and scams from fraudsters.
Tax Law Changes 2021
The 2021 Consolidated Appropriations legislation that was passed last December and the American Rescue Plan included the following changes to federal tax provisions and extended expiring provisions so that they are still applicable for 2021.
Child and Dependent Care Tax Credit
For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.
2021 IRS Tax Identity Theft Campaign and Tax Preparers
Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.
Taxpayer Authorizations and Tax Pro Online Account
The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.
Advance Child Tax Credit Payments Facts and IRS Update Tool
Facts about Advance Child Tax Credit