Editorial team of TFX
Articles
IRS launches email notifications for notices & letters
In an era where digital convenience is king, the IRS has taken a significant leap forward, particularly benefiting the expatriate community. We’re excited to bring to your attention a significant development from the IRS that directly impacts the way expatriates receive and respond to various types of notices and letters. <...
IRS issues a crucial reminder for 2023's final quarterly tax payment
The IRS has recently issued a reminder for taxpayers, particularly those with income not subject to regular withholding, about the upcoming deadline for the final quarterly estimated tax payment for 2023. This payment, due by January 16, 2024, is critical to avoid potential penalties or a larger tax bill during the 2024 filing season....
Get ready for 2024 tax filing: IRS announces new guidelines and tips
The IRS has released a series of important updates and recommendations to assist taxpayers in preparing for the 2024 tax filing season. This announcement, part of a series of reminders, aims to streamline the tax filing process and inform taxpayers of significant changes. Enhancements to IRS online account Taxpayer...
Tax-free charitable giving for IRA owners for up to $100,000 through qualified charitable distributions
The IRS has recently reminded those aged 70½ or older who own Individual Retirement Arrangements (IRAs) about the benefits of Qualified Charitable Distributions (QCDs). These distributions allow for up to $100,000 to be given tax-free to charities annually. This not only serves as a boon for charitable giving but also o...
IRS rolls out $1 billion in penalty relief for millions amid pandemic recovery
In a move reflecting the ongoing challenges posed by the COVID-19 pandemic, the IRS has introduced a major penalty relief program, aimed at easing the financial strain on millions of taxpayers across the United States. Overview of the IRS penalty relief initiative The IRS's recent announcement marks a significant step in...
Major updates to the 2024-25 FAFSA: Streamlining and simplifying the financial aid process
The Free Application for Federal Student Aid (FAFSA) is undergoing significant changes for the 2024-25 academic year. These modifications, stemming from the Consolidated Appropriations Act and the FAFSA Simplification Act, aim to streamline the application process and ...