Upcoming Tax Deadlines
• Deadline to file partnership and S-corporation tax returns.
• Deadline to file individual, trust, gift and calendar-year C-corporation returns.
• Deadline for making 2023 IRA contributions.
• First installment of 2024 individual estimated tax is due.
• Deadline for calendar-year non-profit organizations to file annual reporting returns.
What the IRS is Up To
Following the 2023 suspension of ERC claims by the IRS, the bureau is currently offering employers and businesses to pay back the money they received from filing an ERC claim in error, at a discounted rated (80%). Eligible employers must apply by March 22. The IRS is expected to announce an update to their moratorium early this year.
From the IRS: 7 warning signs Employee Retention Credit claims may be incorrect.
Taxpayers taking advantage of the energy-efficient incentives introduced in 2022’s Inflation Reduction Act (IRA) should take note of the recent guidance and updates provided by the IRS regarding clean vehicle credits and home energy improvements. Visit IRS.gov for full details and speak with your CPA if you have questions or concerns that pertain to your individual situation.
The IRS has announced the new mileage rates for tax year 2024:
| 2024 Rate per Mile | 2023 Rate per Mile | |
|---|---|---|
| Business Travel | 67 cents | 65.5 cents |
| Medical/Moving | 21 cents | 22 cents |
| Charitable Work | 14 cents | 14 cents |
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