IRS provides transition relief for third-party settlement organizations; Form 1099-K threshold is $5,000 for calendar year 2024 IR-2024-299, Nov. 26, 2024 — The Internal Revenue Service today issued Notice 2024-85 providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025. Save for retirement now, get a tax credit later: Saver’s Credit can help low- and moderate-income taxpayers save more in 2025 IR-2024-298, Nov. 25, 2024 —The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years. IRS encourages taxpayers to prepare for 2025 filing season with online tools and key reminders IR-2024-297, Nov. 22, 2024 — As the nation's tax season approaches, the Internal Revenue Service is reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns. IRS urges businesses to act by Nov. 22 to resolve improper Employee Retention Credit claims through Voluntary Disclosure Program; third-party payer deadline newly extended to Dec. 31 IR-2024-296, Nov. 21, 2024 — With a Nov. 22 deadline rapidly approaching for the second Voluntary Disclosure Program, the Internal Revenue Service urgently recommends that businesses review Employee Retention Credit guidelines and resolve incorrect claims soon to avoid future issues. IRS, Security Summit partners announce 9th annual National Tax Security Awareness Week starting Dec. 2 IR-2024-295, Nov. 21, 2024 — The Internal Revenue Service, working with the Security Summit partners, today announced a special awareness week focusing on taxpayers and tax professionals to protect sensitive financial information from identity thieves and tax scams as the holidays and the 2025 tax season approach. IRS takes steps to help prevent refund delays by accepting duplicate dependent returns with an IP PIN for 2025 filing season; taxpayers encouraged to sign up soon for IP PIN, Online Account IR-2024-294, Nov. 21, 2024 — The Internal Revenue Service is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. IRS Advisory Council issues 2024 annual report IR-2024-293, Nov. 20, 2024 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual public report, including recommendations to the IRS on new and continuing issues in tax administration. Treasury, IRS finalize more partnership clean energy regulations and propose related administrative requirements IR-2024-292, Nov. 19, 2024 — The Department of the Treasury and the Internal Revenue Service released final regulations that will help certain entities that co-own clean energy projects access clean energy tax credits through elective pay (also commonly referred to as direct pay). IRS: International Fraud Awareness Week highlights how to report fraud; taxpayer protection against scams, schemes IR-2024-291, Nov. 18, 2024 — As part of International Fraud Awareness Week, the Internal Revenue Service reminds taxpayers how to report tax-related fraud in their community to protect personal and financial information from scam artists and tax schemes. Interest rates decrease for the first quarter of 2025 IR-2024-290, Nov. 18, 2024 — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. Give more, tax-free: Eligible IRA owners can donate up to $105,000 to charity in 2024 IR-2024-289, Nov. 14, 2024 — The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. That’s up from $100,000 in past years. Many businesses must report beneficial ownership information to Treasury by Jan. 1; free webinar can help IR-2024-288, Nov. 12, 2024 — The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network. IRS: Healthcare FSA reminder: Employees can contribute up to $3,300 in 2025; must elect every year IR-2024-287, Nov. 7, 2024 — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. IRS publishes 2024 Financial Report; resolves longstanding significant deficiency IR-2024-286, Nov. 7, 2024 — The Internal Revenue Service today released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. 401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000 IR-2024-285, Nov. 1, 2024 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month.
