Bipartisan Tax Deal Would Expand Credits for Businesses, Children, and Low-Income Housing
Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024.
Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024.
Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets.
The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation.
According to IRS Commissioner Danny Werfel, the agency could still maintain some operations, depending on the length of a government shutdown.
Intuit has integrated TurboTax into Credit Karma and QuickBooks Online, allowing customers to prepare and file their 2023 taxes within those programs' interfaces.
A special needs trust is an irrevocable trust that supplements public assistance benefits available to a disabled child. Assets and income can be used to pay for items like travel, education, recreation, rehabilitation and medical expenses that aren’t covered by public assistance.
The report credits the Internal Revenue Service with substantially improving taxpayer services and developing plans to transform the taxpayer experience in the coming years, but it identifies paper processing as an area of continuing weakness.
The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. 29, 2024. The agency expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.