WPVCPA Posts

November 2, 2023

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for […]

October 31, 2023

IRS and Security Summit offer online safety tips during National Cybersecurity Awareness Month

As National Cybersecurity Awareness Month wraps up and tax season approaches, the Internal Revenue Service and the Security Summit partners today reminded taxpayers, including families with […]

October 27, 2023

IRS encourages employers to electronically file payroll tax returns

The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically. […]

October 20, 2023

IRS launches new initiatives using Inflation Reduction Act funding to ensure large corporations pay taxes owed; continues to improve service and modernize technology with launch of business tax account

Following a dramatically improved 2023 filing season thanks to Inflation Reduction Act (IRA) investments, the Internal Revenue Service has targeted IRA resources on strengthening enforcement, with […]

October 19, 2023

IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams

As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal […]

October 18, 2023

IRS announces 2024 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants

The Internal Revenue Service recently awarded $51 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide […]

October 16, 2023

IRS updates tax gap projections for 2020, 2021; projected annual gap rises to $688 billion

The Internal Revenue Service today released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion […]

October 5, 2023

IRS warns taxpayers of improper art donation deduction promotions; highlights common red flags

The Internal Revenue Service today warned taxpayers to watch for promotions involving exaggerated art donation deductions that can target high-income filers and offered special tips for […]

September 29, 2023

Oct. 16 tax filing extension deadline nears for millions of taxpayers

The Internal Revenue Service today reminded taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension […]