WPVCPA Posts

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 […]

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 […]

September 25, 2023

Reminder: Educational assistance programs can help pay workers’ student loans

Employers that offer educational assistance programs can also use those programs to help pay their employees’ student loans. Read the full article from IRS here: https://www.irs.gov/…/reminder-educational-assistance… […]

September 22, 2023

Builders of new energy efficient homes may qualify for an expanded tax credit

Eligible contractors who build or substantially reconstruct qualified new energy-efficient homes may be eligible for a tax credit up to $5,000 per home. The actual amount […]