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Danny Werfel, who had two years remaining on his term, said he made the decision after “significant introspection and consultation.” An AICPA statement praised Werfel for “moving the IRS in the right direction to improve taxpayer services and start instituting modern technologies.” [...]
The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago. [...]
The final regulations, which include 24 exceptions to consideration of federal tax controversies by the Independent Office of Appeals, generally follow the proposed regulations issued in October 2022. [...]
New pilot programs involve fast-track settlements and post-appeals mediation. [...]
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C). [...]
The proposed ad quantum tax would be the system that most closely follows the global best practices for alcohol taxes we previously outlined. [...]
Forty-four states levy a corporate income tax, with top rates ranging from a 2.25 percent flat rate in North Carolina to a 11.5 percent top marginal rate in New Jersey. [...]
Facing a projected $3 billion budget deficit in fiscal year 2026, with forecasts of a growing gap over the next five years, Governor Wes Moore (D) has included about $1 billion in proposed tax increases in his budget proposal. [...]
Nebraska has an opportunity to revise the property tax package enacted in 2024 to ensure that Nebraskans enjoy meaningful property tax relief. [...]
Given the poor state of the budget process and worsening debt trajectory, lawmakers should move boldly and quickly to address the issue, including via a fiscal commission process. Issues to consider should include reforms to both spending and taxes. [...]
The IRS will officially kick off the 2024 tax season on Jan. 27, 2025, which would make this the first day the agency begins accepting both e-filed and paper income tax returns. However, if you want to get an early start on tax filing, you can complete your income tax return with us at TaxAct […] The post The IRS Is Open for Business: Why E-Filing Is a Smart Choice appeared first on TaxAct Blog. [...]
Updated for tax year 2024. Most people don’t get into charitable giving purely for a tax benefit. However, the opportunity for tax savings is a nice perk for those who give back! If you itemize deductions on your federal tax return, the IRS permits you to deduct the cash value of any contributions or donations […] The post How to Maximize Your Tax Deduction for Charitable Donations appeared first on TaxAct Blog. [...]
Updated for tax year 2024. Get ready to mark these important dates on your calendar. Here are the most important tax deadlines and due dates for taxpayers in 2025 — and answers to some common tax questions. Key tax deadlines What are the tax deadlines for 2025? Depending on your tax situation and what kind […] The post Important Tax Dates and Deadlines in document.write( new Date().getUTCFullYear() ); appeared first on TaxAct Blog. [...]
Updated for tax year 2024. There’s no doubting it — having kids is expensive. Between paying for diapers, daycare, and many other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate some financial responsibility. 1. Claim the Child Tax Credit. The Child Tax Credit […] The post Bottles, Diapers, and 7 Tax Benefits: Life with a Newborn appeared first on TaxAct Blog. [...]
Updated for tax year 2024. Here’s an updated look at what the IRS considers qualified expenses for education credits in 2023 and what other tax breaks are available for those investing in higher education. What education tax credits are available for college students? There are currently two higher education tax credits for students: the American […] The post Tax Breaks Students (and Parents) Can Claim This Year appeared first on TaxAct Blog. [...]