?? Tax News Bites – Where IRS Updates Come with a Side of Sass! ???

After a mouth watering Halloween night (hope everyone stayed safe and had fun!), what better time than to drop some tax news w/a video of the scariest house in Southlake…Let’s face it: tax news is about as thrilling as watching paint dry. But here, we're flipping the script! Welcome to Tax News Bites, where we serve up the latest IRS updates with a dash of humor, sarcasm, and plain-English explanations to make tax talk (dare we say it?) entertaining. Whether you’re a tax pro, a business owner, or just a curious taxpayer, we’ve got the scoop you need – minus the headache.

Get ready to dive into our first edition, where IRS changes, tax breaks, and scam alerts await! Don't worry, no boring tax jargon here; just the essentials and a few laughs.

Enjoy! And if this makes you smile, cringe, or you have more insight, hit that follow button or drop a comment below! Add news we could use too!

1. ?? The IRS Drops New Tax Brackets for 2025 – Bigger Standard Deductions! ??

Yep, inflation does have some perks! For 2025, the IRS is bumping up those standard deductions: singles get $15,000 (up $400), and married couples score $30,000 (an $800 boost) in deductions! But hold on—your top tax rate stays at 37%. ?? Basically, you’re allowed a little extra cushion before Uncle Sam shows up with his hand out. Start planning for this extra wiggle room now and thank us later!

Internal Revenue Service

2. ?? Employee Retention Credit Claims: IRS Stuck in a $10 Billion Paper Jam – But They're Back in Action! ???

Good news for small businesses! After a temporary pause, the IRS has resumed processing those long-awaited Employee Retention Credit (ERC) claims, specifically for filings submitted between September 2023 and January 2024. ?? With approximately 400,000 claims in the pipeline worth about $10 billion, they’re working overtime to separate legitimate claims from the "creative" ones, thanks to aggressive marketing from ERC promoters.

If you’re still waiting, stay tuned: checks are on the way (eventually), as the IRS starts prioritizing low-risk claims first. Hold tight!

Internal Revenue Service

3. ?? Tax Breaks for High-Flying Fuel Users: Sustainable Aviation Fuel Credit is Here! ??

Flying green just got a tax perk! The IRS has released guidance on a new tax credit for sustainable aviation fuel. So, next time you’re booking that eco-friendly flight (or considering starting your own airline?), know there’s a break to be had! But only the big-time airlines and corporate jets need apply for now. ????

Internal Revenue Service

4. ?? Charity Scams Alert: Scammers Are Cashing in on Disaster Relief ??

After recent hurricanes, the IRS is warning: double-check those charity requests! Scammers are out there, waiting for you to get in a generous mood. Before you donate, make sure it’s a legit organization—because those fake charities will be happy to take your money and disappear faster than a tax refund! ???♂?

Internal Revenue Service

5. ?? New IRS Task Force on Pass-Throughs: "We've Got Our Eye on You!" ??

Attention pass-through entities: the IRS has launched a dedicated compliance unit to audit and manage these complex returns. With a specialist team ready to dig in, they’re tackling large pass-through entities like never before. Consider this your heads-up—clean up any “creative” accounting before they show up! ??

Internal Revenue Service

6. ?? Tax Planning Alert: Get Ready for the 2025 TCJA Sunset – Major Changes Ahead! ??

Big tax changes are on the horizon! As the Tax Cuts and Jobs Act (TCJA) is set to expire in 2025, now’s the time to talk strategy. What does this mean? If Congress doesn’t act, key benefits like the higher standard deduction and bonus depreciation could disappear, and income tax brackets will revert to pre-2017 levels – meaning higher rates for most. ??

For individuals and businesses, now’s the time to connect with a tax pro to look at strategies like R&D expensing, entity structure choices, and capital gains timing before potential tax hikes hit. And heads up: 2024’s elections could shake things up even more, making advance planning essential.

Forewarned is forearmed, as they say! Dive into your options now to stay ahead of the game.

FORBES

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