IRS

Two tax experts share the key strategies for financial planners and tax professionals to discuss with clients in the fourth quarter.

Commissioner Danny Werfel and Taxpayer Advocate Erin Collins discussed the enhancements the IRS has been making thanks to the additional billions of dollars of funding.

Planners and their clients can use the annual cost-of-living adjustments as a helpful reminder to consider tweaks to retirement savings and strategies, experts said.

Proposed regulations from the IRS are generally effective beginning in 2024.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

The Treasury secretary addressed a group of service employees as the agency fends off cuts pushed by House Republicans.

From politics to practice management and a variety of planning strategies, the law is posing questions for financial advisors, tax professionals and their clients.

Starting next year, clients buying or selling certain qualifying vehicles can immediately slash $7,500 off the cost of a new automobile or $4,000 off a used one.

From practice management to complex strategies, the fourth quarter presents major opportunities for clients to find savings and prepare for the next 12 months.

Taxpayers will now have through Jan. 10, 2025, to fix a refund claim.