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Latest tax news & updates
• 22.08.24
IRS reminds truckers of upcoming tax deadline
The IRS has issued a reminder for those who operate large trucks and buses to file Form 2290, Heavy Highway Vehicle Use Tax Return, by Tuesday, September 3, 2024.
This deadline applies to vehicles that were first used in July 2024.
The usual August 31 deadline has been extended to the next business day due to the date falling on a Saturday...
• 27.06.24
IRS unveils revised draft Form 6765 for Research Credit following public feedback
The IRS has announced the release of a revised draft of Form 6765, known as the Credit for Increasing Research Activities.
This update follows valuable feedback from various external stakeholders, aimed at reducing taxpayer burden and improving the consistency and quality of information received for tax administration.
Key changes to Form...
• 26.06.24
Court halts organization’s grants to Black women entrepreneurs
Fearless Funds, an Atlanta-based venture capital firm's nonprofit grant program, was recently halted by a federal appeals court.
This program, aimed at supporting small businesses owned by Black women, came under scrutiny following a lawsuit led by Edward Blum, known for opposing affirmative action.
Grants program and lawsuit...
• 31.07.24
Check business tax returns for signs of incorrect Employee Retention Credit claims
The IRS has raised concerns about some promoters misrepresenting the eligibility criteria for the Employee Retention Credit (ERC), leading businesses to incorrectly claim the credit.
To address this issue, the IRS has identified seven suspicious signs that could indicate an incorrect ERC claim and is urging businesses to consult with trusted...
• 25.04.24
Texas emergency supplies tax holiday 2024
As Texas prepares for the upcoming storm and hurricane season, residents can take advantage of a tax holiday for emergency supplies.
Scheduled for the last weekend of April, this tax break allows Texans to stock up on necessary items without paying sales tax.
Overview of the tax holiday
Dates and duration
The tax-free period begins...
• 12.03.24
Small business tax deadline: 2023 tax year
Tax Day is when Americans and US businesses must submit their federal tax forms. It's also important to know that there are other important tax days throughout the year that you should circle on your calendar if you're a business owner.
This article lists important tax deadlines for different types of businesses in 2023 and 2024. Remember...
• 29.02.24
TFX is hosting a free webinar for small business owners
Tax complexity is one of the most severe problems faced by small business owners. Most business owners are not experts in tax law. This is why taxes generate so many doubts, questions, and last-minute rushes just before the tax deadline.
To assist you in filing your 2023 business taxes accurately and on time, TFX is organizing a free live...
• 19.01.24
IRS issues guidance for employer-managed emergency savings accounts
Introduction to pension-linked emergency savings accounts (PLESAs)
The IRS has recently unveiled initial guidelines to support employers in implementing pension-linked emergency savings accounts (PLESAs).
These accounts are part of the SECURE 2.0 Act of 2022, crafted to encourage employees to save for unforeseen financial...
• 13.12.23
IRS takes firm stance on Employee Retention Credit Claims
In a significant move to uphold tax compliance, the Internal Revenue Service (IRS) has initiated a stringent crackdown on dubious Employee Retention Credit (ERC) claims.
This development, marked by the dispatch of over 20,000 disallowance letters to various taxpayers, forms part of the IRS's broader strategy to combat misleading claims and...
• 20.11.23
Employers encouraged to certify employees for Work Opportunity Tax Credit
The Internal Revenue Service (IRS) has recently issued a reminder to employers about the significance of certifying their employees before claiming the Work Opportunity Tax Credit (WOTC).
This tax credit serves as a beneficial incentive for companies to hire individuals from various groups that traditionally face obstacles in finding...
• 27.12.21
IRS Extends 2021 Tax Filing Deadline for Kentucky Tornado Victims
The Internal Revenue Service said that victims of this weekend's storms in Kentucky will have the last date to file taxes for 2021 on May 16, 2022, to file various individual and corporate tax forms and make tax payments.
A massive, long-tracked tornado struck Western Kentucky on December 10, 2021, causing serious to catastrophic damage in a...
• 10.12.21
IRS Announces Higher Estate and Gift Tax Exemptions for 2022
The IRS has released its annual inflation adjustments for tax year 2022, which will affect provisions regarding estate and gift taxes. The new exclusion amounts will come into effect on January 1, 2022, for use by taxpayers when they prepare their 2022 federal tax returns in 2023.
Due to higher inflation rates in 2021, the lifetime exemption...
