Editorial team of TFX
Articles
401(k) withdrawal penalty rule changes for 2024
New IRS rules are providing relief for individuals needing to make early withdrawals from retirement accounts due to emergencies. These changes, effective from January 1, 2024, are part of the SECURE 2.0 Act and aim to offer more flexibility for those facing financial hardships or domestic abuse. Rise in early withdra...
IRS extends tax deadlines for disaster-area taxpayers in multiple states
The IRS has announced extended tax relief for individuals and businesses affected by severe weather events across multiple states. This relief is crucial for those dealing with the aftermath of storms, tornadoes, and flooding, providing additional time to file and pay federal taxes. Overview of tax relief The IRS i...
Treasury and IRS release guidance on the prevailing wage and apprenticeship requirements for increased credit and deduction amounts under the Inflation Reduction Act
The Department of the Treasury and the IRS have issued final regulations regarding the prevailing wage and apprenticeship (PWA) requirements for increased credit or deduction amounts under the ...
IRS provides tax relief for East Palestine train disaster victims
The IRS has announced that many payments made to individuals affected by the East Palestine train derailment are tax-free. This guidance is intended to help those in Ohio, Pennsylvania, and West Virginia who were affected by this incident. Covered disaster area The disaster ...
IRS announces tax relief for taxpayers impacted by storms in West Virginia and Kentucky
The Internal Revenue Service has announced comprehensive tax relief for individuals and businesses affected by the recent severe storms in West Virginia and Kentucky. The relief includes extensions of various tax deadlines through November 1, 2024. Covered disaster area The ...
IRS announces tax relief for taxpayers impacted by severe storms and tornadoes in Iowa
The Internal Revenue Service (IRS) has announced tax relief for individuals and businesses in Iowa affected by the severe storms and tornadoes that occurred on April 26, 2024. This relief extends the deadline for filing various federal tax returns and making tax payments ...