WPVCPA Posts

November 15, 2023

IRS highlights International Fraud Awareness Week; taxpayers urged to protect against scams, schemes

As part of ongoing efforts to protect taxpayers, the Internal Revenue Service reminds people that International Fraud Awareness Week serves as an important time to protect personal and […]

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 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 24, 2023

IRS: Beware of fake charities; check before donating

With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal […]

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 […]

September 28, 2023

Individual retirement accounts can be important tools in retirement planning

It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security […]

September 26, 2023

Businesses must electronically file Form 8300 for cash payments over $10,000

Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a […]