IRS UPDATES
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
IR-2024-285, Nov. 1, 2024 — 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.
IRS hires new Associate Chief Counsel to focus on partnerships and other passthrough entities
IR-2024-284, Oct. 29, 2024 — The IRS today announced the selection of the first Associate Chief Counsel for the newly created Passthroughs, Trusts and Estates office that will focus exclusively on partnerships, S corporations, trusts and estates. Staffing for this office will be drawn from the current Passthroughs and Special Industries office.
National Cybersecurity Awareness Month reminder: IRS and Security Summit supply online safety tips
IR-2024-283, Oct. 28, 2024 — As National Cybersecurity Awareness Month concludes and preparation for next tax season begins, the Internal Revenue Service and its Security Summit partners today reminded taxpayers to be wary of online threats like identity theft and fraud.
IRS relief now available to flood victims in the Juneau area; multiple deadlines postponed to May 1, 2025
IR-2024-282, Oct. 25, 2024 — The IRS today announced disaster tax relief for individuals and businesses in the Juneau area of Alaska, affected by flooding that began on Aug. 5, 2024.
Treasury, IRS issue final regulations for the Advanced Manufacturing Production Credit
IR-2024-281, Oct. 24, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA).
Treasury and IRS issue guidance for the Energy Efficient Home Improvement Credit
IR-2024-280, Oct. 24, 2024 The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 and proposed regulations to provide guidance for the energy efficient home improvement credit.
IRS reminder to disaster area taxpayers with extensions: Parts of 8 states need to file 2023 returns by Nov. 1; others have until Feb. 3 or May 1
IR-2024-279, Oct. 23, 2024 — Now that the Oct. 15 extension deadline has come and gone, the Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2023 returns that, depending upon their location, their returns are due on Nov. 1, 2024, Feb. 3, 2025, or May 1, 2025.
IRS encourages all taxpayers to sign up for an IP PIN for the 2025 tax season
IR-2024-278, Oct. 23, 2024 — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN).
Treasury, IRS grant filing exception for tax-exempt organizations from filing new Form 4626, Alternative Minimum Tax - Corporations
IR-2024-277, Oct. 23, 2024 — The Department of the Treasury and the Internal Revenue Service today granted a filing exception for tax-exempt organizations; they do not have to file Form 4626, Alternative Minimum Tax – Corporations, for tax year 2023.
IRS announces launch of pass-through compliance unit in LB&I; new group brings together teams of specialists from across the agency to tackle large or complex exams
IR-2024-276, Oct. 22, 2024 — The IRS today announced the new pass-through field operations unit announced last fall has officially started work in its Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities.
IRS and Treasury issue guidance on implementation of advanced manufacturing investment credit
IR-2024-275, Oct. 22, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations that provide guidance regarding the implementation of the Advanced Manufacturing Investment Credit, established by the CHIPS Act of 2022.
IRS reminds tax professionals to renew PTINs for 2025 tax season
IR-2024-274, Oct. 22, 2024 — The Internal Revenue Service today announced that Preparer Tax Identification Number (PTIN) renewals for 2025 are now being processed.
IRS releases tax inflation adjustments for tax year 2025
IR-2024-273, Oct. 22, 2024 — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.
Treasury, IRS issue guidance for the Sustainable Aviation Fuel Credit
IR-2024-272, Oct. 18, 2024 — The Treasury Department and Internal Revenue Service today issued Notice 2024-74 for the Sustainable Aviation Fuel (SAF) credit created by the Inflation Reduction Act.
IRS provides free Nov. 18 webinar on Compliance Assurance Process to help large businesses
IR-2024-271, Oct. 15, 2024 — The IRS will offer a free webinar to help large business taxpayers understand the Compliance Assurance Process (CAP) by discussing updates and clarifications to the program to better prepare applicants.
IRS launches 2024 Nationwide Tax Forum Online: Tax professionals can now access new online seminars
IR-2024-270, Oct. 15, 2024 — The Internal Revenue Service today announced the launch of the 2024 Nationwide Tax Forum Online, providing tax professionals access to 18 seminars recorded at this year's IRS Nationwide Tax Forum.
IRS warns taxpayers of charity scams following recent hurricanes; provides tools to help people verify legitimate groups
IR-2024-269, Oct. 15, 2024 — In the aftermath of Hurricanes Milton and Helene, the Internal Revenue Service today cautioned taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors.
IRS relief now available to Watch Fire victims in the San Carlos Apache Tribe in Arizona; multiple deadlines postponed to Feb. 3, 2025
IR-2024-268, Oct. 11, 2024 — The Internal Revenue Service today announced disaster tax relief for individuals and businesses of the San Carlos Apache Tribe in the state of Arizona affected by the Watch Fire that began on July 10, 2024.
IRS announces extension of time for certain applicable entities to make an elective payment election on Form 990-T
IR-2024-267, Oct. 11, 2024 — The Internal Revenue Service announced today in Revenue Procedure 2024-39 that grants certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return, with relevant schedules and forms.
IRS help available to victims of Hurricanes Helene and Milton; May 1 deadline now applies to individuals and businesses
IR-2024-266, Oct. 11, 2024 — In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service today reassured victims that it stands ready to provide the tax-related assistance they need to recover from these storms.
IRS granting dyed diesel penalty relief as a result of Hurricane Milton
IR-2024-265, Oct. 11, 2024 — In response to disruptions resulting from Hurricane Milton, the Internal Revenue Service will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway throughout the state of Florida.
IRS provides Hurricane Milton relief; May 1 deadline now applies to individuals and businesses in all of Florida; many businesses qualify for deposit penalty relief
IR-2024-264, Oct. 11, 2024 — Due to Hurricane Milton, the Internal Revenue Service today announced relief for individuals and businesses in 51 counties in Florida.
IRS accelerates work on Employee Retention Credit claims; agency currently processing 400,000 claims worth about $10 billion
IR-2024-263, Oct. 10, 2024 —The IRS announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
IRS releases 2022 tax gap projections; voluntary compliance rate among taxpayers remains steady
IR-2024-262, Oct. 10, 2024 — The Internal Revenue Service today released the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap at $696 billion. This reflects the difference between projected ‘true’ tax liability and the amount of tax that is actually paid on time.
Treasury and IRS issue proposed regulations providing clarity regarding the federal tax classification of entities entirely owned by Tribal governments
IR-2024-261, Oct. 7, 2024 — The Department of the Treasury and the IRS today issued proposed regulations addressing the federal tax classification of corporations or LLCs that are owned entirely by Indian Tribal governments (Tribes) and formed under the laws of the Tribes that own them. Generally, entities formed under the laws of a Tribe are known as Tribal law entities.
IRS reminds taxpayers of Oct. 15 tax-filing extension deadline; combat zones, disaster areas, Israel have more time
IR-2024-260, Oct. 7, 2024 — The Internal Revenue Service today encouraged taxpayers to file their 2023 tax year federal income tax return on or before the upcoming Tuesday, Oct. 15, 2024, deadline to avoid possible late filing penalties.
Treasury and IRS issue final regulations identifying syndicated conservation easement transactions as abusive tax transactions
IR-2024-259, October 7, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain syndicated conservation easement transactions as "listed transactions" – abusive tax transactions that must be reported to the IRS.
IRS Direct File set to expand availability in a dozen new states and cover wider range of tax situations for the 2025 tax filing season
IR-2024-258, Oct. 3, 2024 — The Internal Revenue Service announced today that Direct File will be available for the 2025 tax filing season in double the number of states than last year’s pilot, and it will cover a wider range of tax situations, greatly expanding the number of taxpayers eligible to use the free e-filing service.
Treasury and IRS issue guidance on long-term, part-time employees in 403(b) retirement plans and announce delayed applicability date for related final 401(k) regulation
IR-2024-257, Oct. 3, 2024 — The Department of the Treasury and the Internal Revenue Service today issued guidance addressing long-term, part-time employees in 403(b) retirement plans under the SECURE 2.0 Act, which applies to 403(b) plans beginning in 2025.