Editorial team of TFX
Articles
IRS Tax Brackets and inflation adjustments 2023
The IRS has released the tax brackets and inflation adjustments for the 2023 tax year. In this article we’ll take a closer look at the new tax brackets (due before April 15, 2024) and find out all the details on how they will be affected by inflation. ...
More U.S. Persons Must File the Form 8858
In 2019, the IRS changed the title of the Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities (FDE) to Information Return of U.S. Persons With Respect to Foreign Disregarde...
IRS Offers Tax Relief for Hurricane Ian Victims in Florida, October 17 Deadline, Other Pertinent Dates Moved to February 15
The Internal Revenue Service stated that the deadline for filing different federal individual and business tax forms and making tax payments has been extended to February 15, 2023, for Hurricane Ian victims throughout Florida. Any location designated by the Federal ...
Inflation Reduction Act of 2022: What it Means for You and Your Taxes
The Inflation Reduction Act of 2022, which includes new tax provisions, extensions, and expansions of tax implications linked to energy-efficient tax benefits and healthcare benefits, was signed into law by the President of the United States. Here are some of the pr...
In More Than a Dozen States, Student Loan Forgiveness Tax Can Encounter Issues
The federal government will consider student loan forgiveness tax-free as announced by the Biden Administration. However, it could be taxed at the state level in over a dozen states, which is a minor issue that most states should be able to resolve quickly. State revenue offices and legislative bodies are juxtaposing their tax laws with...
IRS Provides Penalty Relief for Certain 2019 and 2020 Returns - Must File by September 30
The IRS has provided new penalty relief for taxpayers who filed 2019 and 2020 returns late. Additionally, the IRS expects 1.6 million taxpayers to receive more than $1.2 billion in credits or refunds. Relief Automatic if Filed By September 30th, 2022...