Recent Tax Updates
Recent Tax Updates
2024 Tax Deadline for Individual, C Corporations and Estate/Trust Returns
The federal filing deadline for 2024 individual tax returns is Tuesday, April 15, 2024. It is also the filing deadline for calendar year C Corporations (1120) and Estate/Trust (1041) returns.
Update on Beneficial Ownership Information (BOI) Reporting Requirement
On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that the reporting requirements under the Corporate Transparency Act are back in effect. However, the Department of Treasury recognizes that reporting companies may need additional time to comply.
2025 IRS Dirty Dozen Tax Scams
The IRS’s 2025 “Dirty Dozen” list warns taxpayers of rising tax scams, including fraudulent refund claims, identity theft schemes, and misleading tax advice on social media. Staying informed can help prevent costly mistakes and legal consequences.
Changes to Be Aware of for the 2025 Filing Season
Here are some important changes to be aware of for the 2025 tax filing season…
Reminder: Protect Taxpayers with an Identity Protection PIN (IP PIN)
Tax preparers should encourage their clients to sign up for an Identity Protection PIN (IP PIN) to safeguard their federal tax returns. The IP PIN is available to all taxpayers who can verify their identity and provides an extra layer of protection against identity theft.
Electronic Filing of Returns with Duplicate Dependents: New Updates for the 2025 Filing Season
Starting with the 2025 filing season (for 2024 federal income tax returns), the IRS will allow taxpayers to electronically file a return that includes a dependent already claimed on another 2024 federal return, provided the primary taxpayer has an Identity Protection PIN (IP PIN).
Tax Updates 2021
2021 National Cyber Security Awareness Tips
As the 2022 filing season approaches, the IRS, states, and tax industry are warning taxpayers and tax preparers to remain vigilant due to the constantly evolving threats and scams from fraudsters.
Tax Law Changes 2021
The 2021 Consolidated Appropriations legislation that was passed last December and the American Rescue Plan included the following changes to federal tax provisions and extended expiring provisions so that they are still applicable for 2021.
Child and Dependent Care Tax Credit
For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.
2021 IRS Tax Identity Theft Campaign and Tax Preparers
Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.
Taxpayer Authorizations and Tax Pro Online Account
The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.
Advance Child Tax Credit Payments Facts and IRS Update Tool
Facts about Advance Child Tax Credit