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Tag Archives: IRS

IRS Begins Audits of Business Aircraft Use by Joseph Leocata, JD, CPA, MBA

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Posted on April 17, 2024 by Joseph Leocata

The IRS has begun auditing the use of corporate jets to ensure taxpayers properly allocate business use from personal use for tax purposes. These efforts are part of the agency’s larger strategic plan to increase audit enforcement and improve tax compliance among large corporations, partnerships and high-net-worth individuals. Under current law, businesses may deduct certain […]

IRS Expands Business Tax Account Tools to Assist Entrepreneurial Business Owners, Partners, Shareholders by Claribel Velazquez

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Posted on March 28, 2024 by Claribel Velazquez

The IRS introduced Business Online Accounts in the Fall of 2023 to provide small businesses with an easy-to-use, self-service method for interacting with the agency and accessing their tax transcripts in real time. The free online tool is a part of the agency’s efforts under the Inflation Reduction Act (IRA) to modernize and improve its […]

IRS Announces Inflation-Adjusted Individual Tax Rates for 2024 by Tony Gutierrez, CPA

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Posted on January 11, 2024 by Anthony Gutierrez

The IRS released the annual cost-of-living adjustments to various provisions of the tax code for 2024. Marginal Income Tax Rates The following seven tax rates apply to income individuals earn in 2024. 37 percent for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly) 35 percent for incomes over $243,725 […]