Editorial team of TFX
Articles
IRS rolls out $1 billion in penalty relief for millions amid pandemic recovery
In a move reflecting the ongoing challenges posed by the COVID-19 pandemic, the IRS has introduced a major penalty relief program, aimed at easing the financial strain on millions of taxpayers across the United States. Overview of the IRS penalty relief initiative The IRS's recent announcement marks a significant step in...
Major updates to the 2024-25 FAFSA: Streamlining and simplifying the financial aid process
The Free Application for Federal Student Aid (FAFSA) is undergoing significant changes for the 2024-25 academic year. These modifications, stemming from the Consolidated Appropriations Act and the FAFSA Simplification Act, aim to streamline the application process and ...
IRS highlights importance of fraud awareness
The Internal Revenue Service (IRS) is actively participating in International Fraud Awareness Week, underscoring the critical need for taxpayers to remain vigilant against scams and fraudulent schemes. This initiative, which is an integral part of the IRS's year...
Preparing for 2023 tax season: steps and tips for filing federal income tax returns early in 2024
The Internal Revenue Service (IRS) is gearing up for the upcoming tax season and urges taxpayers to start preparing to file their 2023 federal income tax returns. This reminder is part of the IRS's "Get Ready" campaign aimed at ensuring smooth and accurate tax filing in early 2024. ...
IRS announces tax inflation adjustments for 2024
Overview The IRS has released updates regarding tax inflation adjustments for the 2024 tax year. These adjustments, influenced by recent inflation trends, will affect various tax provisions. Key adjustments Standard deduction increases For married couples filing jointly, the ...
Retirement contribution limits rise for 2024
Introduction to the new limits The IRS has announced new contribution limits for retirement plans in 2024, with increases reflecting the cost-of-living adjustments. These changes include higher contribution possibilities for 401(k) plans and Individual Retirement Accounts (IRAs). ...