February 7 2024- The inaugural edition of Forbes Tax Breaks, a weekly tax newsletter, reflects on recent developments in the tax landscape. The IRS officially opened the 2024 tax season on January 29, marking the start of accepting and processing federal individual tax returns. Congress subsequently passed the Tax Relief for American Families and Workers Act of 2024, aiming to expand the child tax credit, reinstate 100% bonus depreciation for qualifying property, and terminate the Employee Retention Credit (ERC) program early. The House’s decisive vote raised concerns among taxpayers due to retroactive provisions affecting 2023 tax returns, but the IRS assures individuals to file as usual, with Commissioner Danny Werfel pledging necessary updates without additional steps. Additionally, tax professionals are cautioned about email schemes targeting filing season, where scammers pose as new clients to potentially compromise systems and client portals.