Tax Updates for 2024

"Delays in Tax Refunds Expected for Taxpayers in 2024 Due to Changes in Tax Laws, IRS Processing System, and COVID-19 Impact"

This article on CBS News provides a summary of what taxpayers can expect with their tax refunds in 2024.

It highlights that due to numerous changes in tax laws and the IRS processing system, there may be delays in receiving tax refunds.

Among the factors affecting this delay is the implementation of new credits, adjustments made to withholding, and the ongoing effects of the COVID-19 pandemic.

Taxpayers are advised to plan accordingly, consult tax professionals, and utilize online resources to understand their tax situations and estimate the timelines for receiving their refunds.

"Tips for Avoiding Increasing IRS Penalties: Avoid Costly Mistakes and Prevent Financial Consequences"

The article discusses the increasing penalties imposed by the IRS and provides advice on how to avoid them.

It explains that IRS penalties have doubled recently, and highlights the common mistakes people make that result in penalties, such as late filing, inaccurate reporting, and failure to pay on time.

The article suggests several tips to prevent penalties, including being aware of filing deadlines, keeping accurate records, seeking professional guidance, and utilizing online tools provided by the IRS.

By following these recommendations, individuals can avoid the financial consequences associated with IRS penalties.

IRS Proposes Instant $7,500 Tax Credit for Electric Vehicle Purchases to Drive Adoption and Green Transportation System.

The article discusses a proposal by the Internal Revenue Service (IRS) to introduce a new tax credit program for electric vehicle (EV) purchases, aimed at providing an instant discount of $7,500 at the point of sale.

This program would eliminate the need for taxpayers to claim the credit on their annual tax return.

The goal of this initiative is to encourage more consumers to switch to electric vehicles and accelerate the transition to a greener transportation system.

The proposal is currently under review and could provide a major boost to the EV market if implemented.