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Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401(k) plan.) A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis.

FS-2023-26, Nov. 2023 ¡ª These FAQs update question 9 to provide that a United States military service member who is a wrongfully incarcerated individual and who receives back pay following the reversal of a court martial conviction may not exclude the payments under section 139F if the payments are merely the restoration of pay and allowances to which the service member is entitled under the law.

IR-2022-35, February 16, 2022 ¡ª With phone volumes continuing at historic levels, the Internal Revenue Service reminds taxpayers IRS.gov, should be the first stop for taxpayers seeking information and help with their federal taxes.

Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS continues to share updated information for people preparing to file their 2022 tax returns as well as anyone who has previous year tax returns awaiting processing by the IRS.

Review exceptions to the 10% additional tax on early retirement plan distributions.?

Tax Tip 2022-61, April 20, 2022 ¡ª The federal income tax deadline has passed for most individual taxpayers. obÌåÓýever, some haven't filed their 2021 tax returns or paid their tax due.

Frequently asked questions about the Tax Year 2021/Filing Season 2022 Child Tax Credit: Basics

Frequently asked questions about the Tax Year 2021/Filing Season 2022 Child Tax Credit: Eligibility Rules for Claiming the 2021 Child Tax Credit on a 2021 Tax Return

IR-2022-175, October 7, 2022 ¡ª The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

2007 ASA Conference