Upcoming Tax Changes for 2024

a person working on tax forms

Individuals and businesses need to be aware of the upcoming tax changes that will impact their financial planning. From adjustments in tax rates to updates in deductions and credits, understanding these changes can help taxpayers prepare and make informed decisions. In this overview, we will discuss the key tax changes that take effect in 2024, providing…

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IRS Focused On Partnerships, Corporations, High-Income

taking a closer look at taxes

IRS has announced sweeping efforts to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts have the IRS focused on partnerships, corporations, high-income, and promoters abusing tax rules on the books. Agency focus will shift attention to wealthy from working-class taxpayers; key changes coming to reduce burden on average taxpayers while…

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IRS Offering Jobs To Thousands Of Workers This Summer

To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service announced today that it’s looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer. A contact representative provides administrative and technical assistance to individuals and businesses primarily over the phone, through written correspondence or in person.…

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IRS Changes Payroll Form 941 for 2nd Quarter 2021


Recent legislation, designed to help small businesses harmed by COVID-19, has dramatically altered Form 941.  The June 2021 changes add over ten new lines and five new worksheets to an already complicated form. In general, Form 941 was updated to reflect provisions under the American Rescue Plan Act (ARP), enacted March 11, 2021. While the…

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What To Do If the IRS Audits Your Business Tax Returns

The Internal Revenue Service (IRS) is cracking down on small business tax fraud. In the midst of the COVID-19 pandemic, the IRS’ Small Business/Self-Employed Division established a new Office of Fraud Enforcement, and the agency has recently issued several news releases discussing common small business tax mistakes and warning of their consequences. With this in…

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IRS Seizures: The Good, The Bad, And The Ugly

What Is An IRS Seizure? Along with tax penalties and tax lien filings, the IRS’s ability to seize a taxpayer’s property is one of its most potent weapons to encourage tax compliance.  That is, in part, what makes a recent report from the Treasury Inspector General for Tax Administration (“TIGTA”) on IRS property seizures particularly troubling. Among other things,…

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IRS Unclaimed Refunds Waiting For Taxpayers Face July 15 Deadline

Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig.…

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Important: IRS Finalizes Changes to Payroll Tax Return Form 941

On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines).  See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the…

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