Editorial team of TFX
Articles
Tax relief for Alaska storm victims
The IRS has announced significant tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation impacted by devastating storms, landslides, and mudslides since November 20, 2023. This initiative aims to alleviate the financ...
Biden's tax reform: A closer look at proposed capital gains changes
In an ambitious move to reshape the US tax landscape, President Joe Biden has unveiled a series of proposed tax reforms targeting the nation's wealthiest individuals. Central to his plan is a significant overhaul of the capital gains tax system, aiming to bridge the income inequality gap and secure funding for critical social progra...
Essential tax reporting guidelines for digital assets, gig economy earnings, and foreign income
The IRS has issued a reminder for taxpayers regarding the necessity to report all forms of earned income on their tax returns. This includes income from digital asset transactions, gig economy and service industry work, as well as income and assets from foreign sources. These guidelines are crucial for taxpayers to ensure they...
Tax season alert: Reporting I bonds earnings becomes a challenge for investors
Inflation's impact and the I bonds advantage...
Tax relief for Rhode Island & Maine residents affected by severe weather
The IRS has announced significant tax relief for individuals and businesses in Rhode Island impacted by the severe storms, flooding, and tornadoes that began on September 10, 2023. This tax relief also is also provided to individuals and businesses in parts of Maine affected by severe storms and flooding that began on Dec. 17, 2023....
Understanding the Tax Relief for American Families and Workers Act of 2024
The Tax Relief for American Families and Workers Act of 2024 marks a pivotal moment in US legislative efforts to provide substantial tax relief to the nation's families and workers. Garnering overwhelming approval in the House, this Act stands as a testament to bipartisan cooperation aimed at bolstering the economic well-being of Am...