Archive for the ‘2023 Tax Season’ Category.
January 24, 2023, 4:40 pm
The IRS reminds taxpayer though IR-2023-12 that for the 2022 tax filings in 2023 once again the IRS has again changed the question on the Form 1040 re ‘Virtual Currency’ dabbling, renaming it to ‘Digital Assets’ and defining what a Digital Asset is and when a taxpayer should check ...
Click here for more January 18, 2023, 12:30 pm
The IRS announces that have until Tuesday, January 31, 2023 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC.
The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 a...
Click here for more January 16, 2023, 6:39 pm
The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.
More than 168 million individual tax returns are expected to be filed, with the vast majority of ...
Click here for more January 10, 2023, 11:00 am
CPA’s face extraordinary challenges for the 2023 US tax season period, although gone are the EIP payments and advanced Child Tax Credit payments…the lower filing threshold for Form 1099-K was postponed, but then there was the midyear 6/30/22 standard mileage rate change, for 2022 retur...
Click here for more January 9, 2023, 11:00 am
2023 brings a year of increased IRS funding, under the $80 billion that Congress budgeted for the IRS to spend over the next decade as part of the Inflation Reduction Act. But problems abundant, lack of staffing, inadequate telephone staffing and a huge IRS backlog of 2021 tax returns pres...
Click here for more December 30, 2022, 3:00 pm
The IRS announces with IR-2022-234 2023 tax season standard mileage rates for business, medical, moving and charitable purposes. Up slightly from the last six month rise for 2022.
The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the dedu...
Click here for more December 23, 2022, 10:00 am
The IRS announces with IR-2022-226 announces a temporary delay for the 2023 tax season for the 2022 tax year on the reporting of third party payments- including Venmo, PayPal and CashApp- on Form 1099-K for transactions of in excess of $600. As a result the old threshold of more than 200 t...
Click here for more November 29, 2022, 10:00 am
The IRS explains with Tax Tip 2022-182 that our filing status is determinate on December 31 of each tax year, and a description of each filing status! The tax consequences of your filing status and how to determine if you are filing Single, Married Joint or Separate, Head of house or Quali...
Click here for more November 21, 2022, 12:00 pm
The IRS once again reminds taxpayers in Tax Tip 2022-178, as they did with IRS Notice 2022-55 through IR-2022-188 issued November 21, 2022 of the upcoming 2023 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and ...
Click here for more October 26, 2022, 3:49 pm
As is usual this time of the year the IRS under Notice 2022-55 through IR-2022-188 advises the tax practitioner community and taxpayers of the upcoming 2023 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and D...
Click here for more October 24, 2022, 3:28 pm
As is usual this time of the year the IRS under Revenue Procedure 2022-38 using IR-2022-182 advises the tax practitioner community and taxpayers of the upcoming 2023 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, ...
Click here for more October 24, 2022, 12:00 pm
The IRS reminds taxpayers in IR-2022-189 that starting January 1, 2023 earning income from selling goods and/or providing services that they may receive Form 1099-K will be issued for third party payment network transactions of a single transaction exceeding $600, from Payment Card and Thi...
Click here for more September 5, 2022, 2:59 pm
The IRS reminds us that we can contribute for 2023 up to $16,000 to a ABLE (Achieving a Better Life Experience) account, including rollovers from the same beneficiaries 529 College Savings plan tax free, where qualified disability expenses (QDE) may be withdrawn tax free! QDE generally...
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