The IRS announced inflation adjustments for over 60 tax provisions in 2024, including standard deductions for married and single individuals.
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IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts focused on increasing scrutiny on high-income, partnerships, corporations and promoters abusing tax rules on the books
Some businesses that receive cash payments of over $10,000 must file Form 8300 electronically starting in 2024.
Identity Protection PINs stop identity thieves from filing fraudulent tax returns. Taxpayers who participate in this program are assigned a six-digit number that they use to prove their identity when they file their federal tax return.