Articles
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...
IRS reminder to disaster victims in 3 states: July 15 filing and payment deadline nears
The IRS has issued a reminder to individuals and businesses in parts of Alaska, Maine, and Rhode Island regarding the upcoming deadline for filing 2023 federal income tax returns and payments. These are due on Monday, July 15, 2024. Disaster relief and deadline extensions The IRS provides automatic relief, includin...
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 ...