Internal Revenue Service Press Releases - EIN Presswire - Press Release Distribution Service

Published on November 18, 2024 - 21:33 GMT

IRS: International Fraud Awareness Week highlights how to report fraud; taxpayer protection against scams, schemes

IR-2024-291, Nov. 18, 2024 WASHINGTON — As part of International Fraud Awareness Week, the Internal Revenue Service reminds taxpayers how to report tax-related fraud in their community to protect personal and financial information from scam artists and tax …

Distribution channels: Business & Economy

Published on November 14, 2024 - 20:44 GMT

Give more, tax-free: Eligible IRA owners can donate up to $105,000 to charity in 2024

IR-2024-289, Nov. 14, 2024 WASHINGTON — The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable …

Distribution channels: Business & Economy

Published on November 12, 2024 - 20:30 GMT

Many businesses must report beneficial ownership information to Treasury by Jan. 1; free webinar can help

IR-2024-288, Nov. 12, 2024 WASHINGTON — The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement …

Distribution channels: Business & Economy

Published on November 8, 2024 - 10:09 GMT

IRS publishes 2024 Financial Report; resolves longstanding significant deficiency

IR-2024-286, Nov. 7, 2024 WASHINGTON — The Internal Revenue Service today released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report PDF. During fiscal year 2024, the IRS collected more …

Distribution channels: Business & Economy

Published on November 8, 2024 - 10:09 GMT

IRS: Healthcare FSA reminder: Employees can contribute up to $3,300 in 2025; must elect every year

IR-2024-287, Nov. 7, 2024 WASHINGTON — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other …

Distribution channels: Business & Economy

Published on November 1, 2024 - 20:09 GMT

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

IR-2024-285, Nov. 1, 2024 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance …

Distribution channels: Business & Economy

Published on October 30, 2024 - 03:55 GMT

IRS hires new Associate Chief Counsel to focus on partnerships and other passthrough entities

IR-2024-284, Oct. 29, 2024 WASHINGTON — The Internal Revenue Service today announced the selection of the first Associate Chief Counsel for the newly created Passthroughs, Trusts and Estates office that will focus exclusively on partnerships, S …

Distribution channels: Business & Economy

Published on October 29, 2024 - 09:18 GMT

National Cybersecurity Awareness Month reminder: IRS and Security Summit supply online safety tips

IR-2024-283, Oct. 28, 2024 WASHINGTON — As National Cybersecurity Awareness Month concludes and preparation for next tax season begins, the Internal Revenue Service and its Security Summit partners today reminded taxpayers to be wary of online threats like …

Distribution channels: Business & Economy

Published on October 25, 2024 - 22:42 GMT

IRS relief now available to flood victims in the Juneau area; multiple deadlines postponed to May 1, 2025

IR-2024-282, Oct. 25, 2024 WASHINGTON — The Internal Revenue Service today announced disaster tax relief for individuals and businesses in the Juneau area of Alaska, affected by flooding that began on Aug. 5, 2024. Affected taxpayers now have until May 1, …

Distribution channels: Business & Economy

Published on October 25, 2024 - 04:33 GMT

Treasury and IRS issue guidance for the Energy Efficient Home Improvement Credit

IR-2024-280, Oct. 24, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 PDF and proposed regulations to provide guidance for the Energy Efficient Home Improvement Credit. The revenue …

Distribution channels: Business & Economy

Published on October 25, 2024 - 04:33 GMT

Treasury, IRS issue final regulations for the Advanced Manufacturing Production Credit

IR-2024-281, Oct. 24, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 ( …

Distribution channels: Business & Economy

Published on October 24, 2024 - 10:58 GMT

IRS encourages all taxpayers to sign up for an IP PIN for the 2025 tax season

IR-2024-278, Oct. 23, 2024 WASHINGTON — As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). This simple …

Distribution channels: Business & Economy

Published on October 24, 2024 - 10:58 GMT

IRS reminder to disaster area taxpayers with extensions: Parts of 8 states need to file 2023 returns by Nov. 1; others have until ...

IR-2024-279, Oct. 23, 2024 WASHINGTON — Now that the Oct. 15 extension deadline has come and gone, the Internal Revenue Service today reminded disaster-area taxpayers who received disaster extensions to file their 2023 returns that, depending upon their …

Distribution channels: Business & Economy

Published on October 24, 2024 - 02:21 GMT

Treasury, IRS grant filing exception for tax-exempt organizations from filing new Form 4626, Alternative Minimum Tax - ...

IR-2024-277, Oct. 23, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today granted a filing exception for tax-exempt organizations; they do not have to file Form 4626, Alternative Minimum Tax – Corporations PDF, for tax …

Distribution channels: Business & Economy

Published on October 23, 2024 - 07:36 GMT

IRS releases tax inflation adjustments for tax year 2025

IR-2024-273, Oct. 22, 2024 WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions …

Distribution channels: Business & Economy

Published on October 23, 2024 - 07:36 GMT

IRS reminds tax professionals to renew PTINs for 2025 tax season

IR-2024-274, Oct. 22, 2024 WASHINGTON — The Internal Revenue Service today announced that preparer tax identification number (PTIN) renewals for 2025 are now being processed. The nation’s more than 810,000 tax return preparers must renew their PTIN for …

Distribution channels: Business & Economy

Published on October 22, 2024 - 23:18 GMT

IRS and Treasury issue guidance on implementation of advanced manufacturing investment credit

IR-2024-275, Oct. 22, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations that provide guidance regarding the implementation of the Advanced Manufacturing Investment Credit, established by the …

Distribution channels: Business & Economy

Published on October 22, 2024 - 23:18 GMT

IRS announces launch of pass-through compliance unit in LB&I; new group brings together teams of specialists from across the ...

IR-2024-276, Oct. 22, 2024 WASHINGTON — The Internal Revenue Service today announced the new pass-through field operations unit announced last fall has officially started work in its Large Business and International (LB&I) division to more efficiently …

Distribution channels: Business & Economy

Published on October 19, 2024 - 02:08 GMT

Treasury, IRS issue guidance for the Sustainable Aviation Fuel Credit

IR-2024-272, Oct. 18, 2024 WASHINGTON — The Treasury Department and Internal Revenue Service today issued Notice 2024-74 PDF for the Sustainable Aviation Fuel (SAF) credit created by the Inflation Reduction Act. The SAF credit ranges from $1.25 to $1.75 …

Distribution channels: Business & Economy

Published on October 15, 2024 - 20:01 GMT

IRS warns taxpayers of charity scams following recent hurricanes; provides tools to help people verify legitimate groups

IR-2024-269, Oct. 15, 2024 WASHINGTON — In the aftermath of Hurricanes Milton and Helene, the Internal Revenue Service today cautioned taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors. …

Distribution channels: Business & Economy