Tax relief

The pace of natural disasters seems to be accelerating, prompting taxpayers and preparers to search for ways to deduct catastrophic losses.

So far, around 150 federal disaster declarations have already been announced for 2024, involving 44 states, two territories, and half a dozen Native American tribes or bands.

Both presidential candidates have floated it, and there are benefits for both workers and employers — though not always how you'd expect.

The Internal Revenue Service is extending tax relief on required minimum distributions from inherited retirement accounts not made in 2024 after providing similar relief in recent years.

The IRS is rolling out a voluntary disclosure program to let businesses pay back Employee Retention Credits they claimed in error.

The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount.

Commissioner Charles Rettig left open the possibility that there may be delays.

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

Rep. Lloyd Smucker's legislation is in line with a request from accounting and tax professional groups.

The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.