The IRS introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program for 2021 claims, aiming to address improper ERC claims. Participants must meet specific criteria and remit 85% of the claimed ERC.
IRB 2024-34 highlights include updates to mortality tables for defined benefit plans, new rules for carbon sequestration credits, and the complete phase-out of the enhanced oil recovery credit for 2024.
Sales starting in 2009 allocate gain to nonqualified use periods, such as rentals or vacation use. Nonqualified use reduces the exclusion amount. Learn how this impacts your home sale gain.
Final regulations address excise tax on designated drugs, updates on corporate bond yields, and proposed rules for clean electricity credits. Get the full details in IRS Bulletin 2024-32.
Explore the Regular vs. Simplified Method for home office deductions under IRC Sec 280A. Compare their impacts on deductions, reporting, and tax benefits to choose the best option for you.
