Final 2024 quarterly estimated tax payment due Jan. 15
The Internal Revenue Service today encouraged taxpayers who paid too little tax in 2024 to make a fourth quarter estimated tax payment on or before Jan. 15, 2025.
IRS Free File opens Friday: Free tax filing service available to millions on IRS.gov
Starting January 10, the IRS Free File will begin accepting individual tax returns. Millions of taxpayers nationwide can access free software tools offered by trusted IRS Free File partners by visiting IRS.gov.
IRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile
The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.
IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits
As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns.
IRS recovers billions in tax, financial criminal cases focused on drug trafficking, terrorist financing; launches new business online account features
The IRS updated the Strategic Operating Plan, outlining key milestones in criminal investigations, improvements to taxpayer services and advancements in digital modernization that have transformed agency operations while protecting billions of taxpayer dollars.
Court halts BOI reporting; AICPA urges preparedness
A federal district court, finding that the Corporate Transparency Act is likely unconstitutional, issued an order prohibiting its enforcement and the beneficial ownership information reporting rule in the accompanying regulations.
New Jersey Increases Minimum Wage for January 1, 2025
There are several notable minimum wage changes that will be coming into effect on 1/1/2025. See post for details.
Don’t let scammers ruin holiday gift card giving
Taxpayers should watch out for gift card scams especially during the holiday season. The IRS never asks for or accepts gift cards as payment for a tax bill.
Interest rates decrease for the first quarter of 2025
The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025.
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.