Maryland Joins IRS Direct File Program
Governor Wes Moore announced that Maryland will join the IRS Direct File Program for the 2025 filing season. This will allow taxpayers to electronically file their taxes at no cost. Maryland is the ninth state to opt in and 21st overall as the Biden-Harris administration celebrates 2 years of the Inflation Reduction Act (P.L. 117-169).
US Treasury Announces a Recovery of $1.3Billion in Unpaid Taxes Per IRS Enforcement
The U.S. Treasury and Internal Revenue Service said on Friday that they have recovered $1.3 billion in unpaid taxes from wealthy individuals under new enforcement initiatives funded by $60 billion in IRS modernization spending from the climate-focused Inflation Reduction Act.
IRS Provides Tables To Calculate 2025 Premium Tax Credit
Under Rev. Proc. 2024-35, the IRS provides the Applicable Percentage Table and the indexing adjustment for the Required Contribution Percentage for plan years beginning in 2025.
Hunter Biden Pleads Guilty in Federal Tax Case
With Hunter Biden’s guilty plea to federal tax charges, he could face up to 17 years in prison for tax evasion, filing fraudulent tax returns and failing to pay taxes of about $1.4M. A saving grace for him is that he previously paid about $2M in taxes and penalties after sobering up from drug and alcohol addiction.
IRS Updates FAQs on ‘Qualified Wages’ for Employee Retention Credit. There has been much buzz as to this credit and the IRS’ denials along with moratorium. The new FAQs include the factors to be considered: (1) the average number of employees employed in 2019; (2) whether the employees provided services for the wages paid during the suspension of operations or the quarter in which the employer experienced the required decline in gross receipts; and (3) how the related individual rules apply to the employer’s situation.
Corporate Transparency Act Challenge Fails to Meet ‘Very High Bar,’ Says Government, Citing SCOTUS Social Media Decision (09/10/2024) Treasury and National Small Business United (NSBU) exchanged briefs on the implications of the U.S. Supreme Court’s July ruling on facial challenges to constitutionality. This comes at the heals of the 11th Circuit Court of Appeals preparing to hear on whether Congress went too far in establishing beneficial ownership reporting requirements under the Corporate Transparency Act (CTA).
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