Editorial team of TFX
Articles
Tax relief for hurricane Lee victims in Maine and Massachusetts
The Internal Revenue Service (IRS) has recently made an announcement regarding tax relief measures for those affected by Hurricane Lee in both Maine and Massachusetts. Announcement details The IRS has declared that individuals and businesses that have been impacted by Hurricane Lee in Maine and Massachusetts are now eligible...
Expanded Tax Credit for Energy-Efficient Home Builders
The IRS has announced that eligible contractors who construct or significantly renovate energy-efficient homes may qualify for an expanded tax credit. The potential credit can go up to $5,000 for each qualifying home. The exact credit amount is contingent on various factors, including the type of home, its energy efficiency, and the acq...
Tax Relief Announcement: IRS Extends Deadline for South Carolina Taxpayers Affected by Idalia
If you're a South Carolina taxpayer impacted by Idalia, the Internal Revenue Service (IRS) has just announced essential tax relief measures. Individuals and businesses in the affected areas now have until February 15, 2024, to complete their federal individual and business tax filings and tax payments. This tax relief parallel...
IRS Clarifies Federal Tax Implications of State Tax Refunds and Other Payments
The Internal Revenue Service (IRS), the U.S. government agency responsible for tax collection and tax law enforcement, has recently released comprehensive guidance concerning the federal tax implications associated with refunds of state or local taxes. This also encompasses other specific payments made by state or local governments to i...
IRS Extends Transition Period for New Roth Catch-Up Contribution Requirement
In a recent announcement, the Internal Revenue Service (IRS) has extended the administrative transition period for the new Roth catch-up contribution requirement. Also read - ...
Treasury and IRS Issue Proposed Regulations for Brokers Reporting for Sale or Exchange of Digital Assets
In an era where digital assets are becoming increasingly prevalent, the U.S. Department of the Treasury, alongside the Internal Revenue Service (IRS), has taken a monumental step. They've in...