Businesses must report transactions of $10,000 in cash or cash equivalents to the IRS using Form 8300. The purpose is to combat tax evasion, money laundering and more. A business that deliberately arranges transactions...

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A proposed middle-class housing tax credit for developers could help ease the housing crunch for taxpayers who fall between low-income and those who can afford million-dollar homes. The bipartisan Workforce Housing Tax Credit Act...

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If you have a flexible spending account (FSA) through your employer, know that the maximum contribution limit is rising by $150 to $3,200 in 2024. This means you can use that much more in...

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Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information...

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New IRS proposed reliance regulations clarify when employers must allow long-term, part-time (LTPT) employees to participate in their 401(k) plans. The SECURE and SECURE 2.0 Acts changed the length of service needed before LTPT...

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With the beginning of the tax season coming up early next year, the IRS urges businesses to guard against cyberattacks. Scam artists are ramping up efforts to steal private data. The information they seek...

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Federal tax law defines gross income as income from all sources, unless excluded by law. Amounts received for personal injuries or personal sickness are excluded from taxation. In one case, a formerly married couple...

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Taxpayers who plan to claim medical expense deductions on their 2023 income tax returns now have less than one month to fit in appointments and purchases. You can only claim deductions for qualified medical...

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For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such...

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Many Americans have already heard that they should be wary of potentially fraudulent emails claiming to be from the IRS. However, such phishing scams can be sophisticated and difficult to spot. Here’s one scheme...

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