1040TaxResolution.com

Overview of 2024 Tax Changes for Healthcare Professionals. #tax #taxlaws #irs #taxseason #healthcare #healthcareprofessionals

The Key Differences of Innocent Spouse vs. Injured Spouse Tax Relief. Dealing with tax issues can be overwhelming, especially during a contentious divorce. The IRS provides two relief options: Innocent Spouse Relief and Injured Spouse Relief. Let's explore the contrasts. In such cases, the Internal Revenue Service (IRS) offers two types of relief programs: Innocent Spouse Relief and Injured Spouse Relief. Both options aim to alleviate the burden on individuals who are not directly responsible for the tax issues. Innocent Spouse Relief: Protects from tax liabilities caused by a spouse's errors or fraud. Eligibility: No knowledge of the understatement and unfair to hold liable. Pros: Relief from tax debt, independent liability. Cons: Stringent qualifications, time constraints. Injured Spouse Relief: Safeguards a portion of the tax refund from being offset by a spouse's debts. Eligibility: Filed jointly, reported income, no legal obligation to pay the debts. Pros: Protection of refund, streamlined process. Cons: Refund delay, limited to overpaid taxes. Innocent Spouse Relief and Injured Spouse Relief are valuable provisions that can offer significant financial relief to spouses facing tax-related issues. While Innocent Spouse Relief addresses situations where one spouse is unfairly held responsible for tax errors or fraud, Injured Spouse Relief protects the portion of the refund due to the spouse without any tax debts. Both options serve as crucial safeguards in the complex realm of joint tax returns, ensuring that their partner's tax problems do not unduly burden innocent parties. Please remember, this is not tax or legal advice, and if you find yourself in a similar situation, it's essential to consult a tax professional or contact the IRS for guidance on the best course of action. #TaxRelief #IRS #InnocentSpouse #InjuredSpouse #Divorce #Tax #EnrolledAgent For more information: https://lnkd.in/eFGHmsmf

The IRS has announced its 2025 standard mileage rates. Standard mileage rates are used to calculate the amount of a deductible business, moving, medical, or charitable expense. https://lnkd.in/eC7jc37R

More big (HUGE?) news regarding the CTA. The U.S. government has appealed the nationwide preliminary injunction—and FinCEN has backed off of its position that filings should continue. A statement on the FinCEN website now says, “reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect.” The agency added that “reporting companies may continue to voluntarily submit beneficial ownership information reports.” There are now CTA cases pending in the Fourth, Fifth, Ninth, and Eleventh Circuits—it’s looking more like it could end up at the Supreme Court. https://lnkd.in/e9G6pjyN

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The latest edition of our free Forbes tax newsletter, Tax Breaks, is out! This week, tax change is coming in 2025—but how fast will it happen? Plus: Open enrollment for Medicare, state tax ballot outcomes, there’s more than one way to sign a tax return, 2024 filing season statistics, garnishing Social Security, industry updates, tax filing deadlines, and more. (Free, no paywall.) #taxes #medicare #SocialSecurity #TaxFilingSeason