The 2024 tax filing season commences on January 29, as announced by the IRS, introducing significant enhancements to aid taxpayers. This period marks the start of accepting and processing 2023 tax returns, affecting over 128 million individuals.
As tax season approaches, it's crucial for both businesses and individuals to prepare effectively. This guide offers key insights to ensure a smooth tax filing process.
The Corporate Transparency Act mandates U.S. entities to report ownership data to FinCEN to combat money laundering and terrorism. This marks a major shift in U.S. regulatory policy.
The IRS has released several announcements in November 2023, including the Energy Credit Online tool for clean vehicle sellers, the 2024 tax inflation adjustments, and the delay in the Form 1099-K reporting threshold.