Tax News

What’s Happening in the world of taxes

Retirement plan distributions: IRS provides guidance on certain exceptions from 10% additional tax for emergency personal or family expenses and for survivors of domestic abuse

WASHINGTON – The Internal Revenue Service today issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse.

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Builders of energy efficient homes may qualify for a valuable tax credit

Eligible contractors who build new energy efficient homes or substantially reconstruct existing homes into qualified energy efficient homes may be eligible for a tax credit up to $5,000 per home. The exact amount of the credit depends on eligibility requirements such as the type of home, the home’s energy efficiency and the date when someone buys or leases the home.

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Year-round tax planning pointers for taxpayers

Here are some simple things taxpayers can do throughout the year to make filing season less stressful.
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