Editorial team of TFX
Articles
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). ...
Extended tax deadlines for California storm victims
The Internal Revenue Service (IRS) has provided further extensions for tax deadlines to support Californians affected by recent natural disasters. Announcement highlights In response to the severe weather events in California, the IRS has extended the tax filing and payment deadlines to Nov. 16, 2023. This decision comes aft...
Tax relief for those affected by terrorist attacks in Israel
The Internal Revenue Service (IRS) has announced tax relief measures for individuals and businesses impacted by the recent terrorist attacks in Israel. Announcement overview The IRS has extended the deadline for various fed...
Tax relief for Louisiana residents affected by seawater intrusion
The Internal Revenue Service (IRS) has announced tax relief measures for individuals and businesses in parts of Louisiana impacted by seawater intrusion. Announcement overview The IRS has declared that taxpayers affected by seawater intrusion in specific parts of Louisiana now have an extended deadline, until Feb. 15, 2024, ...
IRS extends relief for drought-impacted farmers and ranchers
The Internal Revenue Service (IRS) has issued a reminder for eligible farmers and ranchers who were compelled to sell their livestock due to drought conditions. These individuals may now have an extended timeframe to replace their livestock and defer tax on any gains from these forced sales. Announcement overview T...