IRS

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.

The service issued its annual adjustments for retirement plans, with some reflecting changes in the SECURE 2.0 Act.

The agency recommends that financial advisors, tax professionals and their clients start by using a tool on its website and offers a few other helpful words of advice.

With the agency receiving tens of billions of dollars from the Inflation Reduction Act, a new watchdog report identified several areas for improvement.