Butler Tax Services

IRS Tax News Recap – May 2024

May 16 – Tax Relief for Ohio Tornado Victims
The IRS has announced special tax relief for those affected by the recent tornadoes in Ohio. Impacted taxpayers will have various deadlines postponed until September 3, 2024. This includes filing and payment deadlines, providing much-needed breathing room for those dealing with the aftermath.

May 17 – 2024 Capacity Limitation Carryover Amounts Released
The IRS and Treasury have issued the release of capacity limitation carryover amounts for the 2024 program year. This update is crucial for businesses and organizations planning their financial and tax strategies for the upcoming year.

May 20 – Excellence in Accountability Award
For the second consecutive year, the IRS has received the Certificate of Excellence in Accountability Report award. This recognition highlights the IRS's commitment to transparency and accountability in managing public resources effectively.

May 22 – Free File Program Extended
Great news for taxpayers! The IRS has extended the Free File program through 2029. This program provides free online tax preparation and e-filing services to qualified taxpayers, making it easier for millions to file their taxes at no cost.

Stay informed and manage your taxes effectively with Butler Tax Services! For more details, feel free to contact us or visit our website.

IRS TAX NEWS RECAP 📰

May 1: During National Small Business Week, the IRS highlighted the importance of data security for entrepreneurs. Protecting business, employee, and customer information is crucial.

May 1: The IRS also advised everyone to safeguard their tax information in preparation for potential natural disasters.

May 3: The Treasury and IRS released a FAQ on disaster relief for retirement plans and IRAs, providing clarity on the matter.

May 6: A final reminder from the IRS – the deadline to claim $1 billion in tax refunds from 2020 is May 17. Don’t miss out on your refund!

Stay informed and protect your financial interests! 📝

📊 Don't stress over taxes! Here are key pointers for a hassle-free 2024 filing experience.