IRS

Maryland has paid $5.4 million to the IRS after a rare audit of the state found it owed millions of dollars in taxes in 2020.

The 401(k) contribution limit will increase to $23,500 next year, the IRS says, but the IRA contribution limit will stay at $7,000.

The new work group, which was formed last fall, has officially started work to more efficiently conduct audits of pass-throughs.

A Florida man has pleaded guilty to evading the payment of more than $1.7 million he owed for tax years 2004 through 2014.

While the actual percentages will remain the same, the income levels of each bracket change annually to adjust to inflation.

The IRS provided new guidance to taxpayers using the safe harbors for the SAF credit that were outlined by the agency last April.

All current preparer tax identification numbers expire on Dec. 31, and the fee to renew or obtain a PTIN for 2025 is $19.75.

Charles Littlejohn pulled off what’s been described as the greatest heist in IRS history and was sentenced to five years in prison.