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Latest tax news & updates
• 12.03.24
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
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
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
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
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
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
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...
