District Court for the Northern District of Texas determined that the Internal Revenue Service (IRS) lacks the authority to assess ACA penalties against employers without a prior certification from the Department of Health and Human Services (HHS). This decision may offer new grounds for employers to contest previously assessed ACA penalties. The availability of tax advantages or other benefits may be contingent on meeting other requirements. Please consult your financial, tax, or other advisors to learn more about how state-based benefits and limitations would apply to your specific circumstance. You may also contact your home state’s 529 plan(s), or any other 529 plan, to learn more about those plans’ features, benefits and limitations. Before investing in any 529 plan, please consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s 529 plan.
Democrats have completely ‘lost the plot’ on helping people in their everyday lives, former Trump official argues
- We may amend this policy from time to time; if we do, we will post those changes on this page within a reasonable time after the change so that you are aware of what information we collect and how we intend to use it.
- This relief also applies to the 2024 estimated tax payment normally due on Jan. 15, 2025, and estimated tax payments normally due on April 15, June 16, and Sept. 15, 2025.
- In 2025, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $325, an increase of $10 from the 2024 amount.
- Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, 4866-DR on any return.
As a result, affected individuals and businesses will have until Nov. 3, 2025, to file returns and pay any taxes that were originally due during this period. In addition, penalties for failing to make payroll and excise tax deposits due on or after April 2, 2025, and before April 17, 2025, will be abated as long as the deposits are made by April 17, 2025. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in the entire State of Arkansas qualify for tax relief. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in all 78 municipalities qualify for tax relief. In addition, penalties for failing to make payroll and excise tax deposits due on or after March 14, 2025, and before March 31, 2025, will be abated as long as the deposits were made by March 31, 2025.
IRS announces tax relief for taxpayers impacted by wildfires in California; various deadlines postponed to Oct. 15
In addition, the notice invites public comment on the matters discussed in the notice and suggestions for the future. For taxpayers who file a paper return, refund information is normally available four weeks after filing. The “Where’s My Refund?” tool updates overnight, so there’s no need to check it more than once a day.
The agency added that with about half of all returns expected to be filed with the help of a tax professional, taxpayers should use a trusted tax pro to avoid potential scams and schemes. The Form 1099-K could be sent to anyone who’s using payment apps or online marketplaces to accept payments for selling goods or providing services. This includes people with side hustles, small businesses, crafters and other sole proprietors. The agency is making 2023 another transition year to implement the new requirements under the American Rescue Plan that changed the Form 1099-K reporting threshold for payments taxpayers get selling goods or providing a service over $600. The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. The Treasury Department and the IRS plan to issue future guidance to help taxpayers, and the notice describes several positions that are expected to be included.
- As a result, affected individuals and businesses will have until Nov. 3, 2025, to file returns and pay any taxes that were originally due during this period.
- If your spouse is not a U.S. citizen, tax-free gifts are limited to present interest gifts whose total value is below the annual exclusion amount, which is $190,000 in 2025 (it was $185,000 in 2024).
- The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.
Who gets the form
People who sold personal items must determine if the amounts on their forms were losses or gains. If taxpayers are unsure of the original price, they can learn more on how to figure out the items worth and how to establish basis PDF. If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty. Taxpayers who do not qualify for disaster tax relief may qualify for reasonable cause penalty abatement. For taxpayers in an installment agreement or payment plan, reminder notices will continue to be issued, and direct debits will also continue. But irs announces e missed payments will not cause an agreement to default during the postponement period.
IRS announces tax relief for Arkansas storm victims; various deadlines postponed to Nov. 3
However, the usual interest and late-payment penalty charges will continue to accrue during this period. For 2025, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,350 or the sum of $450 and the individual’s earned income (not to exceed the regular standard deduction amount). For 2025, the additional standard deduction amount for the aged or the blind is $1,600. The additional standard deduction amount increases to $2,000 for unmarried taxpayers.
These taxpayers now have until Nov. 3, 2025, to file various federal individual and business tax returns and make tax payments. WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of Kentucky affected by severe storms, straight-line winds, flooding, and landslides that began on Feb. 14, 2025. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.
A new chatbot will also be available to help Direct File users navigate the eligibility checker. The IRS has also expanded the Direct File program from last year, which will be available to taxpayers in 25 states when the tax season officially begins later this month, after the program was used by 12 states as part of last year’s pilot program. This means that for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements. For anyone affected by a natural disaster, the government may further extend the due date for filing the Report of Foreign Bank and Financial Accounts (FBAR). This means that an agreement will remain in effect, even if they wait until Nov. 3, 2025, to make any payments that were due between March 14, 2025, and Nov. 3, 2025.
Depending on your interaction with Ascensus, other privacy policies may apply in addition to this Policy. The information contained herein is general in nature and is not intended to address the circumstances of any particular individual or entity. Please consult with your tax, accounting, or legal advisors before making decisions.
Personal exemptions used to decrease your taxable income before you determined the tax due. You were generally allowed one exemption for yourself (unless you could be claimed as a dependent by another taxpayer), one exemption for your spouse if you filed a joint return, and one personal exemption for each of your dependents—but that’s no longer the case. Notably, this is one of the provisions that could be affected if the Tax Cuts and Jobs Act (TCJA) is allowed to “sunset” or expire at the end of 2025 (as the law is currently written). This tax filing season will also see new tools available to taxpayers amid the IRS’ modernization efforts. Among the improvements include more access to tax account information from text and voice virtual assistants, expanded features on the IRS individual online account, more access to dozens of tax forms for cell phone and tablet users, plus expanded alerts for scams and schemes targeting taxpayers.