On November 9, 2023, the Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 provides detailed information about these annual adjustments.  New for 2024 Starting in calendar year 2023, the Inflation Reduction Act…

  On November 9, 2023, the Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 provides detailed information about these annual adjustments.  New for 2024 Starting in calendar year 2023, the Inflation Reduction Act…

  As interest rates rise across the board so does the IRS underpayment penalty rate for estimated taxes. The rate is scheduled to increase from 4% to 5% starting on July 1, 2022.  With the rising rates, it becomes more important to make estimated tax payments accurately and on time.  For the official IRS announcement…