Editorial team of TFX
Articles
2024 Tax season update: Filing begins January 29
The IRS has set January 29, 2024, as the commencement date for the 2024 tax filing season. This marks the beginning of the period when the IRS will start accepting and processing 2023 tax returns. It is anticipated that over 128.7 million individual tax returns will be filed by the April 15, 2024, deadline. Preparat...
New beneficial ownership information reporting for small business owners effective January 1, 2024
A significant shift in US corporate transparency Starting January 1, 2024, the Corporate Transparency Act (CTA) and regulations implemented by the FinCEN necessitate certain US-created or registered entities to disclose personal details about their beneficial owners and senior officers to the federal government. This move is...
IRS launches email notifications for notices & letters
In an era where digital convenience is king, the IRS has taken a significant leap forward, particularly benefiting the expatriate community. We’re excited to bring to your attention a significant development from the IRS that directly impacts the way expatriates receive and respond to various types of notices and letters. <...
IRS issues a crucial reminder for 2023's final quarterly tax payment
The IRS has recently issued a reminder for taxpayers, particularly those with income not subject to regular withholding, about the upcoming deadline for the final quarterly estimated tax payment for 2023. This payment, due by January 16, 2024, is critical to avoid potential penalties or a larger tax bill during the 2024 filing season....
Get ready for 2024 tax filing: IRS announces new guidelines and tips
The IRS has released a series of important updates and recommendations to assist taxpayers in preparing for the 2024 tax filing season. This announcement, part of a series of reminders, aims to streamline the tax filing process and inform taxpayers of significant changes. Enhancements to IRS online account Taxpayer...
Tax-free charitable giving for IRA owners for up to $100,000 through qualified charitable distributions
The IRS has recently reminded those aged 70½ or older who own Individual Retirement Arrangements (IRAs) about the benefits of Qualified Charitable Distributions (QCDs). These distributions allow for up to $100,000 to be given tax-free to charities annually. This not only serves as a boon for charitable giving but also o...