Back to Basics Blog

Using Artificial Intelligence in Your Tax Practice – Use Caution

The prevalence of artificial intelligence clearly has a place in today’s society and its use is becoming more widespread in a variety of industries. When it comes to finding answers to complex tax questions, how reliant can tax professionals be? According to National Taxpayer Advocate Erin Collins, customers of major

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IRS Makes Direct File a Permanent Option

Following a successful filing season pilot, the IRS announced that it will make Direct File a permanent option for filing federal tax returns starting in the 2025 tax season. The agency is exploring ways to expand Direct File to make more taxpayers eligible in the 2025 filing season and beyond

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Understanding IRS Disaster Relief

Now that we are well into summer storm and wildfire season, and with hurricane season approaching, it may be helpful to understand when and how the IRS can offer you assistance. When can the IRS offer administrative tax relief? There are different types of disaster declarations, and the IRS provides

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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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