News & Updates

IRS revises FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments

This updated FAQ modifies a question and adds a new question (FS-2022-07 PDF):

  • Question 4, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return
  • Question 10, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return

These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible.

More information about reliance is available.

Read Full Article at IRS.gov ↗
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Important Updates

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

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.

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IRS releases tax inflation adjustments for tax year 2025

The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.

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IRS provides Hurricane Milton relief; May 1 deadline now applies to individuals and businesses in all of Florida; many businesses qualify for deposit penalty relief

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