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ICYMI: ENROLLED AGENTS RENEWAL DUE BY JANUARY 31
If you are an enrolled agent with a Social Security number ending in 7, 8, 9 or those with no SSN, renew your status by January 31 to ensure you receive your new enrollment card before your current

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MEDICARE DRUG COSTS CAPPED IN 2024 AND BEYOND:
Changes brought about by the 2022 Inflation Reduction Act mean that people on Medicare Part D plans now pay no more than roughly $3,300 on drugs annually—a number that could shift a bit based on wh

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TAX RELIEF FOR AMERICAN FAMILIES AND WORKERS ACT OF 2024:
Note from Editor: It is not our policy to introduce proposed legislation, however, this bill has some retroactive provisions that may impact the preparation of 2023 federal income tax returns.

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THE IRS NEVER GOES PHISHING:
Phishing is the practice of sending fraudulent communications disguised to appear to be from a reputable source.

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NATIONAL TAXPAYER ADVOCATE DELIVERS ANNUAL REPORT TO CONGRESS; FOCUSES ON TAXPAYER IMPACT OF PAPER PROCESSING DELAYS:
National Taxpayer Advocate Erin M. Collins has released her 2023 Annual Report to Congress, describing 2023 as a year of “extraordinary transition for the IRS and therefore for taxpayers.”

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IRS RAMPS UP NEW INITIATIVES, CONTINUES TO CLOSE MILLIONAIRE TAX DEBT CASES:
More than $482 million recovered from 1,600 millionaires who have not paid tax debts

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2024 IRS NATIONWIDE TAX FORUMS – SAVE THE DATE:
Planning is underway for the IRS’s premier summer outreach and education program, the IRS Nationwide Tax Forums.

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PENSION-LINKED EMERGENCY SAVINGS ACCOUNTS (PLESA):
Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies.

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