For nearly two years more than a dozen automated collection letters and notices associated with the filing of a tax return or payment of tax have been on pause. Catching up from its backlog, the IRS has started sending out notices in limited circumstances.
The IRS announced annual inflation adjustments for tax year 2024 in a Nov. 9 news release. More than 60 provisions were revised, including standard deductions and all seven tax brackets. The changes will apply to income tax returns filed in 2025. Here’s how the revisions will impact you.
The COLA adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2024 were just announced.
In an effort to modernize tax filing, the IRS is working to be paperless by 2025. The process will certainly come with benefits for taxpayers – including faster processing times – but there will be some drawbacks as well.
It’s easy to lose money to taxes and penalties when moving money between accounts. A lot of investors make costly rollover mistakes without consulting a professional for guidance. There are three common rollover mistakes to avoid to protect your assets.