IRS
New Tax Relief for Emergency Expenses
Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.
New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
AICPA Proposes Operational Plan for Resources Included in Inflation Reduction Act
The AICPA issues its position on the Internal Revenue Service’s (IRS) upcoming operational plan for the $80 billion appropriation provided to the IRS through the Inflation Reduction Act.
Don’t Take Tax Advice from Social Media
The IRS warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations.
Former IRS Worker Guilty of Fraud and Identity Theft
The individual, who was a tax preparer and, at times, an IRS employee, was convicted of several counts of fraud and identity theft.
Internal Revenue Service Employee Charged with Theft of Government Vehicle
If convicted, the person could receive a maximum term of 10 years in prison and a fine not to exceed $10,000.
A SIMPLE Way to Retirement Savings
The required minimum distribution (RMD) rules apply to SIMPLEs. Beginning in 2023, the new law increases the age threshold to 73, up from 72 under the initial SECURE Act.
IRS Gives Some New York Taxpayers and Businesses Until May 15 to File and Pay Taxes
Taxpayers and businesses in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties qualify for tax relief.