Editorial team of TFX
Articles
IRS accelerates employee retention credit claims processing
The IRS has taken significant steps to expedite the processing of Employee Retention Credit (ERC) claims while continuing to crack down on improper claims. This action aims to support small businesses and prevent fraudulent payments in...
IRS extends tax deadlines for Hurricane Beryl victims in Texas
The IRS has announced tax relief for individuals and businesses affected by Hurricane Beryl, which began on July 5, 2024. This relief extends to 67 Texas counties, allowing affected taxpayers additional time to file returns and make tax payments. Affected counties and relief eligibility Residents and businesses in ...
IRS alerts taxpayers to false “Self Employment Tax Credit” claims on social media
The Internal Revenue Service (IRS) has issued a consumer alert regarding false claims about a non-existent "Self Employment Tax Credit" circulating on social media. This alert follows numerous reports of taxpayers being misled into filing incorrect claims based on inaccurate information. The misleading “Self E...
Understanding the new IRS rules on inherited IRAs
The IRS has recently finalized regulations affecting those who inherit Individual Retirement Accounts (IRAs), mandating yearly withdrawals over a decade. This update, following the 2019 retirement law changes, aims to clarify confusion and ensure that the government's intentions are met regarding the management of inherited retireme...
Using your retirement account as an emergency ATM just got easier
The IRS has introduced a new option for emergency withdrawals from retirement accounts, allowing taxpayers to access up to $1,000 penalty-free. This change simplifies the process of tapping into retirement savings for emergencies, making it more accessible for those in need. New $1,000 emergency withdrawal option ...
IRS warns of new scam involving Clean energy tax credits
The IRS has issued a warning to taxpayers about a new scam involving the purchase of clean energy tax credits. This scam, which takes advantage of provisions under the Inflation Reduction Act (IRA), has been found to mislead taxpayers into i...