taxation7.74 min read
"Last-Minute Tax Filing Tips and Assistance: IRS Offers Special Saturday Hours and Face-to-Face Help in Multiple Locations"
1 year ago•Source: IRS
Taxation News
The latest taxation stories, summarized by AI
Featured Taxation Stories
View original source
1.4 min•1 year ago
"IRS Guidance Expands Tax Credits for Energy Communities and Offshore Wind Projects"
The IRS has issued Notice 2024-30, expanding rules for determining energy communities for production and investment tax credits under the Inflation Reduction Act. The notice identifies additional Metropolitan Statistical Areas and non-MSAs that meet the Fossil Fuel Employment threshold and qualify as energy communities. It also allows for increased credit amounts or rates if specific requirements are met, with three categories of energy communities outlined. The notice expands the Nameplate Capacity Attribution Rule and updates the frequently asked questions for energy communities.
More Top Stories
2
3
"IRS Expands Free Online Tax Filing to 12 States, Benefiting Millions"
KABC-TV•1 year ago
More Taxation Stories
"IRS Introduces Direct File: Free Online Tax Filing in 12 Pilot States"
The IRS has launched Direct File, a free online tool for taxpayers in 12 selected states to file their federal income taxes, targeting those with simple W-2s and standard deductions. The program, available in English and Spanish, aims to simplify the filing process and potentially save taxpayers from unnecessary fees, aligning with President Biden's goal to reduce costs for working families. This pilot program is part of the IRS's initiative to provide a government service that could replace commercial tax preparation software and is estimated to benefit 19 million eligible taxpayers this tax season.
"IRS Launches Free Tax-Filing Program in 12 States: What You Need to Know"
The IRS has launched Direct File, a free tax filing program, in 12 pilot states, aiming to cover about one-third of tax situations for 19 million taxpayers. The program is designed for simple tax situations and is expected to save the average filer $160 per year within five years. However, it has faced pushback from the private tax filing industry and some Republicans, who have questioned the agency's authority to create the program. Eligible taxpayers can use Direct File for straightforward returns with limited types of income, credits, and deductions, but it does not support state returns.
"Direct File: IRS Launches Free and Easy Tax Filing Service for 2024"
The IRS' new free electronic tax return filing system, Direct File, has received positive feedback from early users like Dixie Warden, who completed her taxes in about an hour and saved nearly $400 by using the program. The pilot program, available in 12 states, aims to simplify tax filing for lower-income taxpayers, but faces criticism from private tax preparation companies and some lawmakers. Advocates believe that offering free and easy tax filing options is important for taxpayers, and the program's future depends on continued funding and support.
"IRS Expands Free Tax-Filing Program, Sees 10% Jump in Users"
The IRS has launched a free tax-filing pilot program, Direct File, in 12 states, allowing eligible taxpayers with simple returns to file online directly with the IRS for free. The program covers specific income types and tax credits, but excludes self-employed individuals. Funding for the program comes from the Inflation Reduction Act, aimed at modernizing IRS technology and cracking down on tax evasion.
IRS Launches Free 'Direct File' Service for 2024 Tax Filing
The IRS has launched a new government-run website called Direct File for free tax filing, available to users in 12 states for the rest of this year's tax season. Taxpayers in participating states with simple taxes can create an account and file their taxes anytime, with some exclusions for this year. The site is a test of the concept of government-run tax filing and will be continuously open, with the possibility of brief closures due to high user traffic.
IRS Cracks Down on Wealthy Non-Filers: Thousands of Millionaires Targeted
The IRS plans to send notices to thousands of high-income earners who have not filed tax returns for several years, with about 25,000 cases involving people earning over $1 million. This move comes after years of IRS budget cuts and a lack of enforcement. The agency aims to collect hundreds of millions of dollars in unpaid taxes and will focus on high-income earners for tax-compliance efforts, while also planning to send letters to non-filers at all income levels, emphasizing potential refunds for those earning less than $400,000.
Tax Filing Deadline Extended for San Diego Residents Affected by Severe Storms
The IRS has announced tax relief for individuals and businesses in parts of California, specifically San Diego County, affected by severe storms and flooding, allowing them until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The relief also includes postponing deadlines for various tax filings and payments, and provides details on other qualifying actions for relief during the postponement period. Additionally, the IRS urges those needing an additional tax-filing extension to request it electronically by April 15, 2024, and provides information on additional tax relief for disaster-related losses and payments.
"Prospects of Child Tax Credit Expansion Bill Hang in the Balance"
The Tax Relief for American Families and Workers Act of 2024, currently with the Senate, proposes to expand the child tax credit over the next three years, potentially benefiting 16 million children in low-income families in the first year. The bill aims to increase the maximum refundable amount per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with eligibility criteria similar to the existing child tax credit. Unlike the 2021 credit, the proposed rules would require claiming the credit when filing tax returns. While the House has passed the bill, Senate approval remains uncertain.
"Expanding Child Tax Credit: Impact on Rochester Families and 2024 Tax Season"
The House has passed a bill to increase the Child Tax Credit, potentially providing more financial relief to parents in Rochester. If the Senate approves the bill, the credit would increase to $1900 in 2024 and $2000 in 2025, offering support to working families struggling with the costs of childcare and other expenses. Local parents are hopeful for the bill's passage, recognizing the financial strain of raising children and the potential benefits of the increased credit.
"Minnesota Offers New Child Tax Credit to 300,000 Families"
Minnesota is urging residents to take advantage of the new child tax credit, which could benefit nearly 300,000 lower-income households with up to $1,750 per child on their 2023 tax returns. The credit aims to reduce child poverty by one-third, but has income restrictions and is part of a $400 million initiative. Free tax preparation assistance is available at over 170 locations, and changes to the federal child tax credit are still being considered.