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Taxpayers May Qualify for Home Energy Credits

The IRS is reminding taxpayers that making certain energy efficient updates to their homes could qualify them for home energy credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers can claim the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit for

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IRS Releases 2025 Inflation Adjustments for HSAs, HRAs

Rev. Proc. 2024-25 announces the maximum calendar year 2025 inflation adjusted amount for health savings account contributions, the annual deductible floor for high deductible health plans, and the maximum amount for an excepted benefit health reimbursement arrangement. HSAs. The annual HSA contribution limits for calendar year 2025 will be: Self-only

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IRS Adds Additional Protections to CAF, TDS

Identity theft and refund fraud remains an ongoing concern among taxpayers and tax professionals. With that, the IRS has added additional protections for tax professionals to increase security for the Centralized Authorization File (CAF) program and placed new guidelines on requesting client transcripts by phone. There is risk that fraudsters

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Disaster Relief Available Through Retirement Plans and IRAs

The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on Dec. 29, 2022, amended the Internal Revenue Code to provide for special rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters occurring on or after Jan. 26,

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Final Regs Issued on Transfers of Certain Credits

The Department of Treasury and IRS issued final regulations describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors Act (CHIPs) enable taxpayers to take

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RMD Relief Extended Through 2024

The IRS released Notice 2024-35 that once again provides transition relief from required minimum distributions (RMDs) and changed the applicability date of final RMD regulations. The notice states that the final regs that the IRS intends to issue regarding RMDs and related provisions will apply for determining RMDs for calendar

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