This article is an excerpt from a Tax Briefing initially published in CCH® AnswerConnect. Download a PDF of the full Tax Briefing below, or sign up for complimentary access to CCH AnswerConnect.
The 2024 tax season will likely be remembered for something that did not happen rather than a significant action taken by the government – the failure to pass The Tax Relief for American Families and Workers Act of 2024. Despite this, there were some positives to report, with the Internal Revenue Service reporting improved metrics related to the use of supplemental funding from the Inflation Reduction Act, as well the agency’s launch of Direct File and other typical changes spanning the tax season, although even those were generally light this season as the IRS anticipated passage of the bill (H.R. 7024), as many of its provisions were set to go into effect retroactively for the 2023 tax year.
