The recent announcement by the Department of the Treasury and Internal Revenue Service (IRS) to provide exclusive relief for taxpayers facing challenges with rollovers involving Maryland Prepaid College Trust accounts is a noteworthy development. This relief, outlined in Notice 2024-23, temporarily lifts restrictions on rollovers between qualified tuition programs for those navigating issues specific to … Read more
Simplifying IRS Notices: The Simple Notice Initiative The Internal Revenue Service (IRS) has launched the Simple Notice Initiative, which aims to streamline and clarify the 170 million letters sent to taxpayers annually. This initiative aligns with the IRS’s broader efforts to transform and modernize operations, emphasizing enhancing the overall taxpayer experience. Let’s discuss exciting news … Read more
In response to the severe storms, flooding, and looming threat of a dam breach that impacted Connecticut beginning on January 10, 2024, the Internal Revenue Service (IRS) has implemented tax relief measures to support affected taxpayers. This relief aims to alleviate the burden faced by individuals and businesses struggling to fulfill tax obligations due to … Read more
The Internal Revenue Service (IRS) is gearing up to make the upcoming tax season a breeze for taxpayers, urging them to explore the wealth of information available on IRS.gov. As we approach the 2024 filing season, the IRS is rolling out reminders and resources to help individuals prepare for their 2023 federal income tax return. … Read more
In a significant development for the construction industry, the Internal Revenue Service (IRS) has recently issued Notice 2024-09, providing crucial guidance on Clean Energy Credits for construction projects. This notice outlines essential details and clarifications related to the eligibility, requirements, and benefits associated with Clean Energy Credits, aiming to offer comprehensive insights to stakeholders involved … Read more
