It’s currently snowing and I have filed all my extensions. Well, most of my extensions. Anyway here’s some stuff I found interesting.

The 2024 tax season has begun and the IRS is attempting to be less bad. Although answer rates for the customer service line remain around 27%. LINK

The Financial Crimes Enforcement Network Beneficial Ownership Information reporting is open and accepting reports. I have filed a few so far and it seems to be working. https://www.fincen.gov/boi

Revenue Ruling 2024-05 holds that if one or more of a State’s allocations, under section 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are part of the overall Returned Credit Component of a State’s housing credit ceiling in the year of return.

The House approves The Tax Relief for American Families and Workers Act of 2024, H.R. 7024 which among other things increases Section 179 expensing, extends 100% bonus depreciation through 2025, and expands eligibility for the Child Tax Credit. The Tax Advisor

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