Top Tax And Accounting Storylines Of 2024 - Forbes

Dec 31, 2024 · This past year wasn't short on tax and accounting news, affecting taxpayers and tax professionals alike. Here are the top tax and accounting storylines of 2024.

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What happened in 2024 on Tax Notes?

In the most recent episode of Tax Notes Talk, Tax Notes reporters recap some of the most memorable stories they encountered in 2024, from “pig butchering” scams to a denied late-filing excuse citing Christmas stress. (Transcript available.) Wondering what’s on tap for the next year? ...

Will the 2024 tax season shake up the 2025 tax season?

As 2024 came to a close, it refused to go quietly. As 2024 came to a close, it refused to go quietly. Two significant court challenges were introduced at the end of the year with the potential to shake up the 2025 tax season. ...

Did the IRs receive more tax returns in 2024 than in 2023?

The IRS received and processed more returns in 2024 than it did in 2023, but issued fewer and smaller tax refunds. Trips to IRS.gov were up an impressive 10%. The IRS announced that it expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. ...

What changes did the IRS make in 2024?

The IRS used Inflation Reduction Act spending to make some changes in 2024, including a new compliance effort focused on high-income taxpayers. IRS Commissioner Danny Werfel announced that IRS compliance letters were to be mailed out for more than 125,000 cases where tax returns haven't been filed since 2017. ...

Will natural disasters affect tax filing season in 2024?

(No state had any tax initiatives that would significantly impact the upcoming filing season, which is likely welcome for taxpayers and tax pros alike.) The country was hit by several natural disasters in 2024, including Hurricanes Beryl, Debby, Helene, and Milton. ...

How much will a 2025 transaction cost in 2026?

The dollar value will scale to $2,500 for transactions in 2025 before hitting the $600 threshold in 2026 and after. What a year it was! What a year it was! 2024 ended on a frenzied note, thanks to a flurry of activity surrounding the beneficial ownership information (BOI) rules. ...