IRS

The IRS recently announced that contribution limits for 401(k) retirement plans will increase in 2025, allowing workers to save more for their future. Beginning next year, employees can contribute up to $23,500 to their 401(k) plans, $500 more than the limit in 2024.  This increase also...

With tax season approaching, CPAs are calling on the IRS to prepare for potential changes impacting cannabis businesses. The American Institute of CPAs (AICPA) recently submitted recommendations to the U.S. Treasury and IRS, highlighting areas where guidance is needed to clarify tax obligations for...

U.S. states have adopted different tax structures in their respective recreational cannabis markets, each with its pros and cons. Insights from a recently published article by the Tax Foundation show that ad valorem taxes, which are based on the sales price of cannabis, are still the simplest to...

A loophole in the 2017 tax law is allowing large corporations to save millions of dollars that would have otherwise been paid to the government. What Happened: The Internal Revenue Service (IRS) attempted to rectify the issue with regulations, but the U.S. Tax Court unanimously ruled last week that...

The Internal Revenue Service has warned taxpayers against “unscrupulous” tax preparers carrying out clean energy tax credit scams. The ruse occurs when tax preparers illegally give taxpayers tax credits to which they are not entitled. “Unscrupulous (or misinformed) tax preparers...

The Saver’s Match, created by the SECURE 2.0 Act of 2022, is poised to transform retirement savings for low-income workers, and could bring a whole new audience to financial advisors. Set to launch in 2027, this program will convert the existing Saver’s Credit into a federal government...

The Internal Revenue Service (IRS) is warning taxpayers against a new tax-preparer scam involving certain tax credits. “In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming clean energy credits under the Inflation...

The Internal Revenue Service and Treasury Department have released final regulations updating required minimum distribution (RMD) rules for beneficiaries under the 10-year rule. These regulations, stemming from the SECURE and SECURE 2.0 Acts, confirm that most IRA beneficiaries must take...

The cannabis industry may be on the verge of significant financial relief with the Biden administration's proposal to reclassify cannabis to Schedule III of the Controlled Substances Act. This reclassification would eliminate the oppressive restrictions of Section 280E of the Internal Revenue Code...

Congressman Matt Gaetz (R-Fla.) has introduced a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: BTC). What Happened: This proposed legislation aims to amend the Internal Revenue Code of 1986, providing a novel method for taxpayers to settle their federal tax...

Roger Ver, a prominent figure in the early days of Bitcoin (CRYPTO: BTC) and known as “Bitcoin Jesus,” has been arrested in Spain and charged with mail fraud, tax evasion, and filing false tax returns. The U.S. Department of Justice alleges that Ver evaded nearly $50 million in taxes....

Once it was announced that the IRS would receive $80 billion in additional funding as part of the Inflation Reduction Act, the Biden Administration sought to assure regular Americans that these funds would not make them more likely to get audited by the agency. Treasury Secretary Jannet Yellen said...

President Joe Biden is among the people who completed their taxes ahead of an April 15 deadline. Here's a look at Biden's earnings and taxes paid in 2023. Joe Biden's Tax Return: Biden's 2023 tax return was made public this week, which marks the third straight year as a president Biden has done...

There are tons of interesting tidbits about Tax Day. According to the Internal Revenue Service (IRS): Officers answered more than one million taxpayer phone calls this season. They processed over 100 million individual tax returns through April 6. Tens of millions more filings will be made on the...

As the tax filing deadline of April 15 approaches, it's intriguing to examine the fiscal challenges and structural injustices faced by the cannabis industry. That's why we've prepared some back-of-the-envelope calculations: The cannabis sector has contributed significantly to states...