TAX

As tax season approaches, the IRS has issued a crucial reminder for retirees who turned 73 in 2024. If you fall into this category, you must begin taking Required Minimum Distributions (RMDs) from your Individual Retirement Accounts (IRAs), 401(k)s, and other workplace retirement plans by Tuesday, April 1, 2025. Key Points About RMDs for 2024 […]

The IRS has extended various tax filing and payment deadlines for individuals and businesses affected by the disaster that began on January 7, 2025. Eligible taxpayers now have until October 15, 2025, to file federal tax returns and make tax payments. Affected Areas Currently, relief is available to taxpayers in Los Angeles County. Additional areas

At JAF CPA LLC, we’re committed to helping you navigate the complexities of tax compliance with ease and confidence. If you paid too little tax in 2024, it’s not too late to avoid unexpected penalties by making your fourth quarter estimated tax payment by January 15, 2025.  Here’s what you need to know:  Why You

If you’re aged 73 or older, it’s essential to be aware of key deadlines and updates regarding required minimum distributions (RMDs) for individual retirement arrangements (IRAs) and other retirement accounts. The Internal Revenue Service (IRS) has issued a reminder about these requirements, including changes introduced by the SECURE 2.0 Act. Missing your RMDs can lead

As holiday shopping kicks into high gear, the IRS and its Security Summit partners are reminding everyone to stay vigilant against scammers looking to steal personal and financial information. This warning comes as part of the ninth annual National Tax Security Awareness Week, a collaborative effort by the IRS, state tax agencies, and the tax

The Internal Revenue Service (IRS) has issued Notice 2024-85, providing transition relief for third-party settlement organizations (TPSOs), including payment apps and online marketplaces, concerning transactions in calendar years 2024 and 2025. Under the new guidance: Additionally, for calendar year 2024, the IRS will not impose penalties under sections 6651 (failure to file/pay tax) or 6656

The Department of the Treasury and the Internal Revenue Service (IRS) have released Revenue Procedure 2024-31 and proposed regulations that offer guidance on the Energy Efficient Home Improvement Credit. This revenue procedure outlines the steps and requirements for manufacturers of certain energy-efficient products to become qualified manufacturers (QMs). To achieve QM status, manufacturers must: 1.

WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable changes for tax year 2025 The tax year 2025 adjustments described below