Tax Updates

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2024 tax filing season set for January 29

IRS continues to make improvements to help taxpayers

Updated bonus depreciation table

2024 revisions to bonus depreciation table

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ERC temporary hold

What you need to know about ERC temprorary hold

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Think about EV Tax credit 2023

Did you purchase electric vehicle in 2023? You may be eligible for tax credit.

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Taxpayers can start filing their 2024 tax returns on January 22, 2024

The IRS will officially open the 2024 filing season for filing 2023 federal tax returns at the end of January 2024.

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IRS Expands Business Tax Accounts to Include S Corporations and Partnerships - CPA Practice Advisor

Individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.

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IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021

Tax penaties will be waived for nearly 5 million people, businesses and tax-exempt organizations, which totals about $1 billion, the agency said.

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Covid-19 Business Support Employee Retention Credit

Your business may be still eligible for up to $5,000.00 in ERC credits per employee during 2020 and up to $7000.00 per employee per quarter during 2021