* Another BUZZ another disaster relief announcement –
“Taxpayers impacted by seawater intrusion in parts of Louisiana qualify for tax relief; various deadlines postponed to Feb. 15” –
“ . . . individuals and households affected by the
seawater intrusion that reside or have a business in Jefferson, Orleans,
Plaquemines and St. Bernard parishes qualify for tax relief.”
* Some good
news from Michael Cohn at ACCOUNTING TODAY – “IRS slashes PTIN fees” (highlight
is mine) -
“The
Internal Revenue Service is reducing the annual cost of a Preparer Tax
Identification Number after a court ruled that the charge was too high.
The
application and renewal fee will be reduced to $11, plus an extra $8.75 for
payment to a third-party contractor, the IRS said in interim final
regulations. That's considerably lower than the 2023 fee of $30.75 for renewing
or obtaining a PTIN. The move comes after a federal district court ruled
earlier this year in the case of Steele v. United States that the IRS was
charging excessive PTIN fees from fiscal years 2011 to 2017.”
Hey
– the fee should be $0! And why
is there a 3rd-party fee?
*
And Michael reports “IRS sees tax gap widen to $688B” –
“The
Internal Revenue Service updated its tax-gap projections Thursday for tax years
2020 and 2021, indicating the projected gross tax gap ballooned to $688 billion
in tax year 2021, a big jump from prior estimates.”
*
Two new BOBSERVATIONS posts – “You’ve Got To Be Carefully Taught” and “A Couple of Things No One Ever Told You”.
*
From the Social Security Administration - “Social Security Announces 3.2 Percent Benefit Increase for 2024”.
Click here for the 2024 Social Security Changes factsheet.
The
fact sheet indicates that the 2024 Social Security wage base increases to $168,600
– so the maximum Social Security withholding for 2024 is $10,435.20
The
change to the Medicare Part B premium for 2024 has not yet been announced. I will let you know when the change has been
announced.
TTFN
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