Chester County News and Community Website
WASHINGTON, D.C. — As the new academic year approaches, the Internal Revenue Service (IRS) has issued a reminder to educators about the $300 deduction available for classroom expenses in 2024. This …
IRS Reminds Teachers of Deduction for Classroom Expenses in 2024 Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) has released interim guidance under Notice 2024-63, offering clarity for retirement plan sponsors on matching contributions tied to student loan payments. This new …
IRS Issues Interim Guidance on Student Loan-Based Retirement Contributions Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) has issued a timely reminder to taxpayers about the potential tax benefits associated with summer day camp expenses. These expenses may qualify for …
IRS Highlights Tax Credit for Summer Day Camp Expenses Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) has unveiled an early draft of the updated Form 1099-DA. This form is designated for brokers to report sale and exchange transactions …
IRS Releases Draft Form 1099-DA for Digital Asset Transactions Read More WASHINGTON, D.C. — The Internal Revenue Service (IRS) has announced new initiatives to aid small businesses and curb improper payments within the Employee Retention Credit (ERC) program. This comes amidst …
IRS Enhances Measures to Address Improper Employee Retention Credit Claims Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) is reminding tax professionals that multi-factor authentication (MFA) is now not only a crucial safeguard for their business and clients but also …
IRS Mandates Multi-Factor Authentication for Tax Professionals Read More
PHILADELPHIA, PA — Governor Josh Shapiro, alongside U.S. Treasury Secretary Janet Yellen and state leaders, announced yesterday that Pennsylvania will adopt the IRS Direct File program for the 2025 tax …
Pennsylvania Joins IRS Direct File Program, Promises Easier Tax Season Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) states that it is making significant strides in modernizing its services and improving taxpayer experience, thanks to funding from the Inflation Reduction …
IRS Leverages Inflation Reduction Act to Modernize Services and Enhance Taxpayer Experience Read More
WASHINGTON, D.C. — The Internal Revenue Service (IRS) has released Notice 2024-60 to provide initial guidance on the carbon oxide sequestration credit, which was significantly amended by the Inflation Reduction …
IRS Issues Guidance on Carbon Sequestration Credit Read More
WASHINGTON, D.C. — The Department of the Treasury and the Internal Revenue Service (IRS) have issued new final regulations that update the rules for required minimum distributions (RMDs) from retirement …
Treasury and IRS Update Rules on Retirement Fund Distributions Read More