The Federal Trade Commission is extremely busy targeting businesses that are misleading consumer or employ deceptive claims for money making opportunities. Misleading consumer on social media, which it is extremely common even in the tax industry ensuring $50,000 of tax savings for clients on average, a million dollar tax refund, etc. might generate a
As mentioned in IR-2024-217, the IRS has released interim guidance in late August 2024 allowing that employers with retirement plans (401(k) plan, 403(b) plan, governmental 457(b) plan or SIMPLE IRA plan) can provide matching for employees payments to their student loans in plan years beginning Dec 2023. Previously the employer matching was only if the
In the IRS Tax Tip 2022-123, the IRS reminds college students and any taxpayers that might claim them, that there are two education credits available for them: 1. American Opportunity tax credit Worth a maximum benefit of up to $2,500 per eligible student Only available for the first four years at a post-secondary or vocational
In Tax Tip 2021-108, the IRS reminded students and first time employees some important considerations. New employees: Employees (w2) – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and
