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Important Federal Tax Tips and Updates

ARTICLE | July 15, 2024

Authored by Vasquez + Company


Receiving a letter from the IRS can be stressful, but it's important to read and respond promptly. New rules now require airlines to refund full fares for canceled or changed flights. If your Offer in Compromise (OIC) is rejected, you have 30 days to appeal. When selling your home, you may qualify to exclude up to $250,000 ($500,000 for joint filers) of gain from income. Gig economy income is taxable, so keep detailed records.

For more information, read the full article here.

 


Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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​Vasquez + Company LLP has over 50 years of experience in performing audit, tax, accounting, and consulting services for all types of nonprofit organizations, governmental entities, and private companies. We are the largest minority-controlled accounting firm in the United States and the only one to have global operations and certified as MBE with the Supplier Clearinghouse for the Utility Supplier Diversity Program of the California Public Utilities Commission.

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